In early trading the leu gained ground following a positive trend for the currencies of emerging markets due to a reviving feeling of confidence in European markets, one dealer told SeeNews.
However, in the second part of the session the leu managed to keep appreciating, in contrast to most of the currencies in the region, due to euro-selling orders from foreign investors, another dealer told SeeNews.
In the past few days, the leu trade has been highly volatile. On Monday, it sank to its lowest level against the single currency in almost four years, dipping as low as 3.97 per euro before appreciating slightly to end at 3.9470/9510. The leu closed at 3.9180/9320 on Tuesday.
On Wednesday, the leu was boosted by the decision of the U.S Fed, the European Central Bank and other central banks to cut interest rates in an attempt to calm stormy global markets.
Romania's central bank, BNR, set its reference exchange rate used for statistical purposes at 3.8249 lei per euro on Thursday, compared to 3.9233 lei per euro on Wednesday. For the U.S. dollar, the reference exchange rate was set at 2.7817 versus Wednesday’s 2.8938 lei.
Interest rates on overnight leu deposits rose to an average of 13.66%/15.09% on Thursday from 13.40%/14.62% on Wednesday.
Turnover on the interbank leu deposit market rose to some 1,325 million lei on Wednesday from 989.6 million lei on Tuesday. The BNR will issue Thursday 's figures on Friday.
Following are Thursday's average bid and ask quotes of commercial banks on Romania's interbank market. They were calculated at 11 a.m. (0800 GMT) by the BNR, based on data provided by 10 commercial banks (in pct):
ROBID | ROBOR | |
ON | 13.66 | 15.09 |
TN | 13.72 | 15.16 |
SW | 14.15 | 15.65 |
1M | 14.54 | 16.04 |
3M | 14.58 | 16.09 |
6M | 14.26 | 16.41 |
9M | 14.24 | 16.41 |
12M | 14.24 | 16.39 |