The leu closed at 4.3515/4.3545 to the euro, from 4.348/4.35 per euro Tuesday.
It opened roughly flat against euro, but later appreciated and traded below 4.35 per euro in the first half of the session, helped by foreign currency sales from non-residents.
Market participants said foreigners exchanged hard currency to buy government bonds, which supported the leu’s appreciation.
In the afternoon, however, the leu weakened beyond 4.35 to the euro, amid growing orders for euros, possibly placed by the central bank.
The leu’s reference rate was set at 4.3485 versus the euro Wednesday, the highest level in three months. Against the US dollar, the leu’s indicative won 0.4% on the day to 3.3401 units.
In the money market, overnight rates rose to 3.5%-4% a year, from 1%-1.5% a year Tuesday, as banks are building up their monthly mandatory reserve levels required by the central bank.