Romanian leu fluctuates between 3.68 and 3.70 against euro, market still wavy

Banks traded the euro for 3.7010 lei after which the leu gained ground to 3.6740 against the euro in less than an hour. The leu decreased afterwards to 3.6850 – 3.6900 lei per euro.

“The market is pretty much balanced at the moment but there is still no clear evolution of the exchange rate,” chief dealer with ABN Amro Bank Romania, Dragos Balaci said.

On the international markets the U.S. dollar hiked from 1.4849 to 1.4837 against the euro and reached 1.4841 at 11:20 a.m. Romanian hour.

The interbank interest rates for overnight deposits idled around 7.4 and 7.9 percent per year, below the monetary policy interest of 8 percent per year, on higher liquidity on the market.

Romania's central bank raised its interest rate on January 7, to 8 percent, as inflation quickened to 6.7 percent in November and 6.6 percent in December, beating the bank's estimates.

Source: NewsIn