Romanian Leu Rises In Early Trade, On Euro Sales
The Romanian leu rose against the euro at the start of Friday's interbank session, trading at 4.33 units, with dealers saying a local lender sells hard currency after it got permission to write off some provisions.
The leu opened at 4.3385/4.34 to the euro, slightly weaker from 4.3365/4.3385 to the euro at Thursday closing.
However, it later gained to an early high of 4.33/4.3325 per euro, on significant euro sales. At around 10:15 local time (GMT0815), the leu traded at 4.3325/4.334 per euro.
Dealers believe the leu was lifted by sales of hard currency made by a local bank that got the central bank’s approval to write off provisions to comply with IFRS regulations.
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