Leu Gains In Early Trade, On Euro Sale Orders

05.11.2011 By Andrei Circhelan

The Romanian leu opened stronger against the euro Wednesday and extended gains soon after on euro sale orders, before losing some ground later on.

The leu opened at 4.085 to the euro, stronger than 4.087/4.09 to the euro at closing Tuesday.

Within the first hour of trading, some euro sale orders brought the leu to an early high of 4.0775 to the euro. It later eased towards 4.08/4.082 units at around GMT0700.

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

On the money market Wednesday morning, overnight rates increased to 3%-3.5% a year, from 2.9%-3.4% a year the day before.