The leu registers an upward trend

The correction comes after the sudden depreciation registered last week, when the euro exchange rate rose to a high of RON 3.69. Practically speaking, since Friday, when the leu resumed its upward trend, following an intervention by the Central Bank, who investors believe massively sold foreign currency through a local or foreign bank, the euro lost over RON 0.2 yesterday, dropping below RON 3.49 on the interbank foreign currency market.

Following the likely intervention of the National Bank of Romania (BNR) a series of statements were made which influenced investors to return to the market, sustaining the upward trend of the national currency. These include an estimate made by Adrian Vasilescu, Advisor to BNR’s Governor, on remittances by Romanians working abroad, which are expected to amount to €1.2 million in December.

Market dealers indicated that the appreciation of the leu in the past few days is also due to a positive feeling about emerging markets, as currencies in the region likewise registered increases against the euro. The average exchange rate computed and announced yesterday by BNR was RON 3.5248/€1, 367 units below Wednesday’s level.