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Sep 15, 2009 17:09 EEST
September 15 (SeeNews) - The Romanian leu firmed versus the euro on Tuesday amid moderate volumes, dealers said.
The leu ended at 4.2665/2685 per euro, compared to 4.2720/2750 per euro on Monday.
“The leu opened at almost the same rate it closed yesterday, at around 4.2700, and then eased to 4.2730 but later firmed to a closing rate of 4.2665 on currency-selling orders. Volatility was not high and volumes were moderate,” one dealer told SeeNews.
”We believe that a stable exchange rate remains the most likely scenario for the period ahead,” Raiffeisen Research said in its weekly Focus FX forecast on Tuesday. “We think that pressures for leu depreciation should remain contained in the next period.”
“The NBR’s [central bank] governor has stated many times that he sees no reasons for a weaker leu, given that the adjustment of the current account deficit is already stronger than what was necessary. We strongly agree with this view,” it added.
Raiffeisen Research forecast the leu to appreciate to 4.15 per euro by December this year. The Romanian central bank, BNR, set its reference exchange rate at 4.2673 per euro on Tuesday, compared to 4.2747 per euro on Monday. For the U.S. dollar, the BNR set the reference exchange rate at 2.9247 versus Monday’s 2.9410.
Turnover on the interbank leu deposit market rose to 2.757 billion lei on Monday from 2.597 billion lei on Friday. The BNR will issue Tuesday’s turnover figures on Wednesday.
Interest rates on overnight leu deposits grew to 8.17%/8.67% on Tuesday from 8.06%/8.56% on Monday.
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