UPDATE 1 - Serbia’s C-bank Says Sells 60 Mln Euro in Support of Falling Dinar

BELGRADE (Serbia), November 25 (SeeNews) – Serbia’s central bank NBS said it sold on Tuesday 60 million euro ($77 million) in support of the falling local currency.

Before the intervention the dinar traded at 88.8816 per euro and after the intervention it firmed to 88.47 per euro, NBS said in a statement.

The dinar closed at 88.7712 per euro, NBS said in a separate statement.

Earlier in the day, dealers told SeeNews that the NBS stepped in after the dinar reached a new historic low of 89.50 towards the euro.

“Today the dinar started weakening right from the opening and continued to lose ground until the intervention began,” a local dealer told SeeNews. “It reached 89.50 towards the euro and after the intervention [1100 GMT] firmed to 89.00-89.10 per euro.”

On Monday, the central bank, NBS, sold 30 million euro to prop up the local currency after it reached 89.30 per euro.

Last week, NBS injected 120 million euro in the market to prop up the local currency, which touched a historic low of 89.00 dinars per euro.

($=0.7771 euro)