Leu Rises Vs Euro In Early Trade, In Line With Region

09.19.2013 By Bogdan Neagu

The Romanian leu rose against the euro Thursday morning, in line with the other currencies in the region, following positive news from the U.S. markets.

Federal Reserve, the U.S. central bank, said Wednesday it will keep its stimulus measures intact for now, surprising most analysts who were expecting a reduction of the package. Fed’s massive capital injections helped the U.S. economy and the international markets grow in recent years.

After rising in late session on foreign markets yesterday, the leu opened on the local interbank market at 4.44/4.445 to the euro, significantly stronger than 4.4715/4.4735 to the euro at Wednesday close.

The leu touched an early high at 4.437 to the euro, before returning above the 4.4 mark later on. At around 10:30 local time (GMT0730), the leu traded at 4.444/4.446 versus the European currency.

Romania’s central bank set Wednesday the leu’s exchange rate at 4.4751 per euro, marginally stronger than 4.476 per euro in the previous session.

On the money market Thursday morning, overnight rates were slightly down to 1.1%-1.6% a year.