Leu Ends Up Vs Euro After Quiet Session

05.10.2011 ZF English

The Romanian leu traded in narrow ranges in the second part of Tuesday session and closed higher against the euro, in line with other currencies in the region.

The leu closed at 4.087/4.09 to the euro, stronger than 4.097/4.1 to the euro at Monday closing.

Romania's currency opened flat, but it soon started to strenghten until it touched the day's high at 4.086 per euro. In the second part of the trading session, the leu registered only minor variations.

Dealers said the leu was not impacted by the CPI data, as a higher inflation was espected. Consumer prices rose 0.66% in April from a month earlier, while the annual inflation accelerated to 8.34%, the highest level since July 2008, the statistics institute INS said Tuesday.

The central bank's reference rate gained 0.4% to 4.0885 per euro, from 4.1039 per euro in the previous day.

On the money market Tuesday morning, overnight rates fell to 2.9%-3.4% a year, from 3.2%-3.7% a year the day before.