In August, the leu gained around 4% despite the reference rate touching an all-time low of 4.6481 per euro on August 3, after the political uncertainty following President Traian Basescu’s impeachment caused a strong depreciation in July.
However, the leu recouped slowly since early August, also supported by central bank’s indirect euro sales and decision to cap weekly repurchase agreements, through which it boost liquidity on the interbank market.
The leu’s official rate is still 3.2% weaker than at the end of last year, when it was quoted at 4.3197 per euro.
The leu opened Friday at 4.4645 to the euro, from 4.454/4.457 to the euro at previous closing. It touched an early low at 4.467 to the euro, before returning towards 4.46 to the euro where it traded for most of the morning. At around 13:00 local time (GMT1000), the leu traded at 4.4615/4.463 per euro, in a quiet market.
On the money market, overnight rates fell slightly to 4.9%-5.4% a year.