Leu Trades Around 4.41 Vs Euro In Quiet Market

08.06.2013 By Bogdan Neagu

The Romanian leu traded in a narrow range Tuesday morning, moving around 4.41 against the euro, in a quiet market with low transferred volumes.

The leu opened at 4.41/4.412 to the euro, slightly stronger than 4.414/4.417 to the euro at Monday close.

After the first transfers, the leu gained some ground, touching an early high at 4.402/4.405 to the euro, before returning above the 4.41 level. At around 10:30 local time (GMT0730), the leu traded at 4.412/4.415 per euro, while the other currencies in the region were also seeing insignificant changes.

On Monday, the central bank set the leu’s official exchange rate at 4.4201 per euro, stronger than 4.4359 per euro in the previous session.

On the money market Tuesday morning, overnight rates fell towards 2.5%-3% a year, from 3.1%-3.6% a year the day before. Monday, the Romanian central bank announced a larger-than-expected 50 basis points cut of the key lending rate to 4.5%.