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Nov 28, 2007 17:40 EEST
November 28 (SeeNews) - The Romanian leu continued to gain ground against the euro on Wednesday as foreign investors began returning to emerging markets in the region, dealers said.
"The leu, following an appreciating trend since Monday, ended at 3.5640/60, after opening at 3.5720/40 as foreign investors returned to emerging markets in the region", one dealer told SeeNews.
Romania's currency ended at 3.5940/60 per euro on Tuesday, compared to 3.5950/70 on Monday and 3.6110/30 on Friday.
The regional correction was helped by the decision of the National Bank of Poland to raise its key interest rate by 0.25% to 5.0% on Wednesday due to accelerating inflation, the dealer said.
Romania's central bank, the BNR, raised its key interest rate to 7.5% from 7.0% at the end of October for the same reasons.
BNR set its reference exchange rate, used for statistical purposes, at 3.5615 per euro on Wednesday, compared to 3.5865 on Tuesday. For the dollar, the reference exchange rate was set at 2.4171 versus Tuesday's 2.4147 lei.
Interest rates on overnight leu deposits were at an average of 7.25%/7.89% on Wednesday, compared to 7.31%/7.88% on Tuesday.
Turnover on the interbank leu deposit market fell to 836.1 million lei on Tuesday from 3,408.8 million lei on Monday. The BNR will issue Wednesday's figures on Thursday.
Following are Wednesday's average bid and ask quotes of commercial banks on Romania's interbank market. They were calculated at 11 a.m. (0900 GMT) by the BNR, based on data provided by 10 commercial banks (in percent):
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