The local currency opened at 4.401/4.404 to the euro, slightly weaker than 4.398/4.399 to the euro at Wednesday closing. It further lost ground in the first hour of trading to 4.405/4.4065 units, and stayed afterwards around that levels for the first half of the session, on low volumes.
After the European Central Bank announced a surprise key rate cut to 0.05%, the market became more active and the leu reverted its earlier losses and closed at 4.399/4.401 per euro.
The Romanian central bank set the leu’s exchange rate at 4.4047 per euro, from 4.406 per euro Wednesday.
On the money market, overnight rates were stable at around 2%-2.5% a year.