Friday, the leu closed at 4.5345/4.5375 to the euro.
The leu opened down at 4.5365/4.5385 per euro, from 4.5345/4.5375 per euro at Friday close and further depreciated, hitting an early low of 4.5395 per euro. However, it later changed course and dealers suspect the central bank has stepped in to prop the national currency. The European Central Bank’s fixing on the leu/euro pair due today will be used to calculate the level of the excise duties in 2013.
The central bank set the leu’s reference at 4.5178 per euro, from a six-week low of 4.5331 units in the previous session. Against the US dollar, the leu’s indicative gained slightly to 3.4999 units, from 3.5029 units Friday.
In the money market, overnight rates were at 4.68%-5.18% a year, from 4.43%-4.93% a year Friday.