The leu opened at 4.347/4.35 to the euro, slightly weaker than 4.3465/4.348 to the euro at Wednesday closing.
It further gained some minor ground on reduced volumes, and traded at 4.3455/4.347 per euro by 10:00 local time (GMT0800).
“In theory, the positive sentiment on international markets should help the leu, but it seems the exchange rate is kept at current levels by corporate demand for euros, most probably from multinational companies that plan to repatriate profits,” a dealer said.
Investors are also waiting the central bank’s decisions on monetary policy later Thursday, as most expect a 0.25 percentage points cut of the key rate to 5.5%.
“If the central bank slashes the key rate, the leu will not move, as the cut is already priced in. However, if the rate stays at current level, a slight appreciation of the leu is possible,” the dealer also said.
The central bank set Wednesday the leu’s reference rate at 4.3447 per euro, from 4.3433 per euro the day before.
On the money market Thursday morning, overnight rates stayed around 3.5%-4% a year.