Leu Trades Above 4.48 Vs Euro In Early Session

12.19.2013 By Bogdan Neagu

The Romanian leu traded slightly above 4.48 against the euro Thursday morning, in a quiet market, dealers said.

The leu opened at 4.477 to the euro, slightly stronger than 4.48/4.4815 to the euro at Wednesday close.

However, it soon lost ground and slid above 4.48 units. At around 10:30 local time (GMT0830), the leu traded at 4.481/4.482 to the euro.

Markets still digest the latest announcement of the Federal Reserve. Yesterday, the US central bank said it would taper its bond buying program, as the economy continues to improve. Stock investors worldwide viewed the announcement as a positive development and markets posted significant gains.

On Wednesday, the Romanian central bank set the leu’s exchange rate at 4.4749 per euro, the weakest level in three months.

On the money market Thursday morning, overnight rates were at 1-1.5% a year.