BNR: RON reaches five-month-peak

Publish date: 15-09-2009
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The national currency recovered the whole fall registered in the first part of the interbank meeting of yesterday, the quotations falling below RON 4.28/Euro, but BNR reference rose 1.95 bani against Friday, to RON 4.2747/Euro, a new maximum of the last five and a half months, Mediafax informs. A superior rate was calculated by BNR on March 25, when the Euro was rated at RON 4.2838.

This evolution can be considered a "correction," but can mean also the beginning of a new attack against the RON, according to the officials of the National Bank, the daily Romania Libera reports. "I don't believe that it is bad that the RON is less volatile. The market can be liquid, but someone in London, for instance, can declare that there isn't enough liquidity. The market has RON. I make this declaration with the risk to be wrongly understood," Mugur Isarescu said last week. On the day when BNR governor was making these declarations, namely on September 11, the RON registered a depreciation, trend which continued until the end of the week and yesterday morning.

The first transactions of yesterday were made at RON 4.2820 - 4.2835/Euro, slightly above the latest quotations from the end of the session of Friday, of RON 4.2790 - 4.2820/Euro, Mediafax informs. "The regional currencies were submitted again to depreciation pressures after the stock exchange from Tokyo closed on Monday downward by 2.3 per cent, while the European ones opened with losses of around 1 per cent. The evolution of the RON proved more rigid than those of the currencies from the region, the Zloty and the Forint losing around 2 per cent and respectively 0.6 per cent," declared the dealer of a bank. In the first hour of transfer, the parity reached a maximum of RON 4.2880/Euro, while by 10.15 h. the Euro was listed lower, at RON 4.2804 - 4.2815.

Euro, highest value this year

The Euro, the sterling pound and the yen - the other important currencies at international level - appreciate and consolidate their positions, according to an analysis of X-Trade Brokers. Thus, the dollar registers the longest depreciation since March 2009, while the European currency reaches the biggest quotation in the last nine months: USD 1.4635 being the maximum of Friday, September 11, at the closing the rate being of USD 1.4582/EUR 1. "The Euro appreciated vs. the dollar as an immediate consequence of the evolution from the last period of the main economies from the Euro Zone. For example, the industrial production of Italy registered in July a growth over the predicted value, while the exports of Germany rose in the same period by 2.3 per cent against June. The improvement of many economic indicators of the countries from the Euro Zone allowed the European currency to rise to a maximum of the last 9 months," said Victor Safta, director of the Romanian branch of X-Trade Brokers, the biggest brokerage house in Central and East Europe.

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