The leu opened just below 4.42 per euro, from 4.426/4.428 per euro at Friday close, and moved in a narrow range throughout the session, in a quiet market. The local currency hit the day’s high of 4.412 per euro toward closing.
Market participants said the leu was not influenced by the central bank’s monetary policy decision. The bank lowered its key lending rate for the second straight meeting by 50 basis points to a fresh record low of 4.5% a year, exceeding expectations of a 25 bps cut.
The central bank set the leu’s reference at 4.4201 to the euro, around 0.4% stronger on the day. Against the US dollar, the leu’s indicative gained 0.9% to 3.3275 units.
In the money market, overnight rates were at 3.1%-3.6% a year, slightly down from 3.3%-3.8% a year Friday.