The leu opened at 4.4585/4.4615 per euro, from 4.46/4.462 per euro at Tuesday close, but depreciated shortly after, hitting an early low of 4.465/4.467 to the euro.
At around 10:00 am, the leu traded at 4.4605/4.463 per euro.
The local currency lost 0.6% against the euro Tuesday, with investors reacting to President Traian Basescu’s decision not to endorse the country’s latest policy agreements under an International Monetary Fund aid deal.
“Foreigners bought euros Tuesday, causing the leu to weaken to around 4.48 to the euro. Trading volume was high, almost as high as when JP Morgan announced it would include Romanian bonds in its emerging markets index,” said one dealer.
“The leu is likely to depreciate further, but the market is calmer today,” he added.
The central bank set the leu’s reference at 4.4684 versus the euro Tuesday, the lowest rate in two-and-a-half months. Against the US dollar, the leu’s indicative lost 0.6% on the day to 3.2936 units.
In the money market Wednesday morning, overnight rates were at 2%-2.5% a year.