Romanian Leu Reverses Gains Vs Euro, Ends Slightly Weaker
Romania’s leu lost modestly against the euro in late trade Tuesday and closed at 4.316/4.317 units, from 4.312/4.3145 units a day earlier.
It opened up at 4.306/4.3085 per euro and further gained ground, hitting an early high of 4.2975 per euro.
According to market participants, lenders have started to sell euros from loan loss provisions as the banking system prepares to transition to the international accounting standards starting with January. The leu’s appreciation in the morning was also supported by rising remittances from Romanians who work abroad, dealers said.
In the afternoon, however, the leu reversed its gains and traded above 4.315 to the euro until closing.
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Cristina Roșca
