Romanian Leu Rises Vs Euro, Exch Rate Hits 7-Wk High At RON4.2648

Romanian leu edged higher against the euro in mid trade Tuesday, amid growing international confidence in the German economy, and the central bank’s reference rate gained 0.4% on the day at RON4.2648, the strongest level in the past seven weeks.

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For the US dollar, the bank computed an indicative of RON2.8525, 0.19% stronger on the day.

The leu opened slightly up against the euro Tuesday, unlike the emerging currencies which registered slight corrections versus the euro.

The national currency opened at RON4.2760/4.2780 to the euro and hit an early high at RON4.2645 per euro.

"The leu gain substantial ground versus the euro as of GMT1000, fueled by the economic sentiment indicator in Germany, which hit a 15-month high in November. The pair had a strange dynamic even since the morning, given that the regional currencies posted losses versus the euro. Afterward, they've recovered and gained ground against the euro," a dealer with a Bucharest bank told MEDIAFAX reporters.

At around GMT1100, the leu traded at RON4.2625/RON4.2650 per euro.

On the money market Tuesday, overnight rates were at 8.96%-9.46% a year, up on the day.

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