The leu closed at 4.52/4.522 to the euro.
It opened near 4.52 per euro, but further depreciated, hitting the day’s low of 4.582 to the euro. Market participants suspect the central bank sold euros to reverse the leu’s depreciation. In late trade, the currency returned toward 4.52 versus the euro.
The central bank set the leu’s reference at 4.5535 against the euro, the lowest rate since October 26, 2012. The leu’s exchange rate shed over 5% versus the euro over the past seven sessions, amid a negative sentiment in the region as investors are unloading their risk exposure.
Valentin Lazea, chief-economist at the central bank, said earlier Friday that the leu’s fluctuations against the euro are within usual limits and should not be a cause for concern.
“The central bank made it clear that fluctuations of 3% to 4% are not worrisome,” Lazea said. “We’ve seen much higher rates, but also much lower.”
Against the US dollar, the leu’s indicative depreciated 0.85% to 3.4402 units. The leu’s indicative versus the greenback is computed based on the leu/euro and the euro/dollar exchange rates.
In the money market, overnight rates rose to 4.2%-4.7% a year, from 3.4%-3.9% a year Thursday.