November 11 (SeeNews) - The Romanian leu ended tad stronger against the euro on Wednesday in trading marked by low volumes, dealers said.
The leu ended at 4.2965/2970 per euro, compared to 4.2975/2985 per euro on Tuesday.
"The leu was traded in a tight range between an intraday high of 4.2945 and an intraday low of 4.2975 per euro today. Demand was too low," one dealer told SeeNews. "I don’t expect any significant market events in the run-up to the presidential elections."
Romania will hold presidential elections on November 22.
Political uncertainty has been running high in Romania following the fall of the country's minority government in October and the defeat in parliament last Wednesday of the cabinet line-up proposal of then prime minister-designate Lucian Croitoru. Later in the week, Romania’s President Traian Basescu nominated one of the Bucharest district mayors, Liviu Negoita, as prime minister-designate.
According to analysts, Negoita, a member of the ruling Democrat-Liberal Party, has slim chances of winning approval for his cabinet in parliament, where the opposition controls two-thirds of the 470 seats.
Romania’s central bank, BNR, set its reference exchange rate at 4.2952 lei per euro on Wednesday, compared to 4.2961 on Tuesday. For the U.S. dollar, the BNR set its reference exchange rate at 2.8566 lei versus Tuesday’s 2.8623.
Turnover on the interbank leu deposit market rose to 3.556 billion lei on Tuesday from 3.139 billion lei on Monday. The BNR will issue Wednesday’s turnover figures on Thursday.
Interest rates on overnight leu deposits fell to 7.66%/8.16% on Wednesday from 8.37%/8.87% on Tuesday.