Romania Leu Mostly Higher Vs Euro In Early Trade After 2Q GDP Data

Romania’s leu opened higher against the euro Friday and further gained ground, after positive economic data for the second quarter.

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Romanian second-quarter gross domestic product grew by 0.3% in seasonally adjusted data compared with the earlier quarter, data from the statistics institute INS showed.

However, the economy declined by 1.5% in the first half from the same period a year ago.

The leu opened at 4.227/4.23 per euro, from 4.233/4.2355 per euro at closing Thursday. It hit an early high at 4.226 units immediately after the news on economic growth, but returned toward 4.23 units shortly after.

"The market was confused, because of the big difference between the second-quarter GDP and the first-half evolution," said one dealer.

Romania's central bank set the leu's reference at 4.2347 per euro Thursday, slightly stronger on the day.

On the money market Friday morning, overnight rates fell slightly to 3.48%-4.98% a year.

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