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Romanian Leu Firms Vs Euro, Dealers Cite Ctrl Bk

The Romanian leu jumped 2% against the euro in high volume trade Friday after hitting a two-year record low in the morning, with dealers suspecting intervention on behalf of the central bank.
Romanian Leu Firms Vs Euro, Dealers Cite Ctrl Bk
23 nov. 2007, 18:57, English

  The leu hit a two-year low at RON3.6900 to the euro in early trade, after opening at RON3.6450/RON3.6500. It gained 0.8% to the euro Friday throughout the day, closing at RON3.6140/RON3.6165, traders said. On Thursday, the leu closed at RON3.6420/RON3.6475 to the euro.

       “The leu hit a record low in the morning, but then it suddenly started to appreciate until it stabilized near RON3.5790/RON3.600 to the euro. There are many speculations from dealers that the central bank had intervened on the market to support the leu,” said a dealer at a Bucharest-based bank.

       Later Friday, Romania’s central bank governor Mugur Isarescu said the bank will intervene on the market if it deems it necessary, without giving explanations, just like it did in summer, when the leu hit a five-year high against the euro.