The leu opened at 4.4725/4.475 to the euro, compared to 4.474/4.4745 to the euro at Wednesday closing. After the local market close, the leu lost even more ground on foreign markets, falling towards 4.48 to the euro.
However, in the first hour of Thursday session in Bucharest, the leu gained to 4.4685/4.47 per euro, and some dealers suspect the central bank stepped in to propr the currency.
The central bank set the leu’s reference rate at 4.4616 per euro Wednesday, slightly higher on the day. Against the US dollar, however, the leu’s exchange rate fell to an all-time low of 3.5684.
On the money market Thursday morning, overnight rates stayed around 4.75%-5.25% a year.