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The reference exchange rate slides to 4.3096 lei per euro, dealers suspect central bank intervention

The reference exchange rate lowered today to 4.3096 lei against the single European currency, in contrast with the region, where currencies suffered serious corrections, and dealers suspect an intervention of the central lender BNR to stop the leu from hitting new rock bottom.

BNR posted yesterday a reference exchange rate of 4.3119 lei per euro, close to the record high of 4.3127 recorded on January 22.

The slide of the exchange rate between the euro and the leu contrasted with the other emerging currencies in the region. The leu's appreciation stemmed from high sales of euros by several market players, but it could also be triggered by an indirect intervention of the central lender, a dealer declared for NewsIn.

The leu started to lose ground with this morning's first transactions, from 4.3050 to 4.3390 versus the euro, but strengthened starting with 11 a.m. to 4.31. After 1 p.m., the exchange rate started to rise again and at 1:30 p.m. banks bought the euro with 4.3150 lei and sold it for 4.3250 lei.

In the region, emerging currencies dropped significantly. The Hungarian forint fell from 304 to a new record low of 309.6 against the euro, while the Polish zloty slipped from 4.8280 to 4.93 versus the European currency, close to the historic minimum.

New four-year low against the U.S. dollar

The reference exchange rate posted by BNR also showed a 1.06 percent decrease of the leu to 3.4094 against the American dollar, compared to yesterday's level fo 3.3735.

This is the highest reference exchange rate of the past four and a half years. BNR last reported a higher level of 3.4128 lei per dollar on August 4 2004.

On international markets, the U.S. currency appreciated initially from 1.28 to 1.26 units per euro and fluctuated above this level most part of the session. At 1:30 p.m. Romanian hour, the euro was traded at 1.2628 dollars.

On the money market, interbank interests for overnight deposits slipped to 12 - 13 percent, settling between the monetary policy rate of 10 percent and the rate for the lombard credit of 14 percent per year.

 

Sursa: http://www.newsin.ro

Tags: euro intervention exchange central reference bnr

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