Romania's leu resumes fall to 3.58 versus the euro, after positions close

Romania's national currency, the leu, floated between 3.53 and 3.58 against the single European currency, following a sudden drop in the beginning of the session after some positions were closed out but the interest rates remained high in the last day of setting up the minimum mandatory reserves.

The leu opened below last session's closing value of 3.54 versus the euro and depreciated to 3.58, but shifted course afterwards. At 10:30 a.m. the leu was traded between 3.5740 and 3.5840 against the euro.

Emerging currencies in the region posted a different evolution. The Hungarian forint took advantage of the surprising raise of the key interest rate by 3 percent points to 11.5 percent and stabilized its trading value, while the Polish zloty embarked on a steep fall. At 10:30 a.m. Romania's hour, the forint was traded at 276.3 versus the euro and the zloty stood at 3.8025 against the single European currency.

On international markets, the U.S. currency lost ground after hitting a new high of 1.273 versus the euro. At 10:30 a.m. Romania's hour, the euro was traded at 1.2783 dollars.

Interbank interests for overnight deposits remained high, exceeding the monetary policy rate of 10.25 percent per year.

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