The leu opened at 4.327 per euro, slightly higher from 4.3300/4.3310 at Wednesday closing.
At around 10:15 local time (GMT0815) the leu was trading at 4.3275/4.3290 per euro.
Dealers said volatility was reduced until the mentioned timeframe, amid foreign investors’ euro selling orders.
“The preliminary interest for the bonds issued Thursday by the Finance Ministry, with a 5-year maturity, seemed very high and we may see a more agitated market around 15:00 (GMT1300), when the auctions are being held,” said a dealer of a Bucharest-based bank.
The central bank Wednesday set the leu’s reference rate at 4.3364 to the euro, the strongest rate in one year. Against the US dollar, the leu’s indicative strengthened 0.9% on the day to 3.2596 units, the highest level since February 29, 2012.
JP Morgan Tuesday evening said Romanian bonds were eligible for entry into its GBI-EM local markets index as of March 1. The announcement pushed the leu 1% higher in international trade, reaching its strongest level since February last year.
In the money market Thursday morning, overnight rates were at 5.5%-6% a year.