A calm market for the leu

At session opening, the exchange rate dropped to RON 3.6250-3.63/€1, compared to the last quotation on Tuesday, of RON 3.6370-3.6400.

“The appreciation of the leu and of regional currencies at the beginning of the session is due to the positive closing of Asian stock exchanges. An hour later, the currencies began depreciating, against a backdrop of negative results announced by several European banks,” said one dealer.

In the coming days, dealers are expecting short-term interest rates to continue to drop, but if these fall below the monetary policy interest rate, the Central Bank could intervene by absorbing the market’s excess liquidity.

“We have noticed a depreciation of the Swiss franc and the US dollar. In this context, emerging currencies in the region gained ground, although for the leu I have noticed a comeback to the levels of the rate in excess of RON 3.632/€1, against a backdrop of commercial client orders to buy,” said Head of Volksbank’s Department of Interbank Transactions, Monica Angelescu, for NewsIn.