Romanian Leu Hits New Record Low, Of 4.5957 Vs Euro, Amid Lingering Political Tension

The Romanian leu depreciated further against the euro by midday Tuesday and the central bank set the leu’s reference rate versus the euro at 4,5957 units, the lowest level since July 2012, amid lingering political tension locally and an unfavourable context globally.

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On Tuesday, the leu stayed below 4.59 versus the euro, until around 11 a.m., and subsequently reached a low of 4.5950 against the euro. After 1 p.m., the leu continued to depreciate.

Claudiu Cazacu, chief analyst with XTB Romania, said the uncertainty on the Romanian political stage and the unfavourable context abroad depreciated the leu versus the U.S. dollar and euro.

Romania's Parliament will assemble Wednesday to debate and vote on a no-confidence motion submitted by social democrats and coalition partners against their own government. The Social Democratic Party last week withdrew support for its own prime minister, Sorin Grindeanu, just five months into the Cabinet's administration, amid a power struggle between Grindeanu and party leader Liviu Dragnea.

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