The leu opened at 4.4450/4.4470 to the euro, slightly stronger than 4.4480/4.4500 to the euro at closing Thursday. It further decreased at 4.4380/4.4400 to the euro after the first hour of the session after the EU leaders in Brussels agreed to improve financing conditions for Spain and criteria for a possible agreement with Italy.
Also, the EU’s summit paved the way for the direct recapitalization of banks from the emergency funds of the euro zone, after the EU sets up a sole financial surveillance institution.
At 10:15 local time (GMT0715), the leu traded at 4.4440/4.4450 against the euro.
The central bank Thursday set the leu’s reference at 4.4508 units, weaker from a five-week high of 4.4441 units a day earlier. Against the US dollar, the leu’s indicative dropped 0.7% to 3.581 units.
On the money market Friday morning, overnight rates were at 4.25%-4.75% a year, higher from 4.1%-4.6% a year the day before.