RON reaches steepest depreciation in last 9 months vs. EUR

The RON depreciated yesterday against the EUR, reaching a historical low of RON 4.3079/EUR for the second time this year. The rate was RON 0.0084 higher than the rate posted by the National Bank on Wednesday (RON 4.2995/EUR), Agerpres informs. This was the RON's steepest depreciation against the EUR in the last nine and a half months. According to the statistics posted on the BNR website, a higher reference exchange rate was registered on

January 22, 2009 back when the EUR stood at RON 4.3127.

Also yesterday the RON depreciated against the USD too, with BNR setting an exchange rate of RON 2.9197/USD, RON 0.0123 (0.42 per cent) higher than the value registered the day before (RON 2.9074/USD).

A gram of gold stood at RON 97.0792, RON 0.34 higher than the value registered on Wednesday (RON 96.7418).

On the other hand, the Danske Bank analysts have become more pessimistic in what concerns the foreign currencies in emerging Europe. When it comes to the RON, the analysts stake on a depreciation of up to RON 4.45/EUR in the next three months, the 'Business Standard' daily writes. Referring to the regional situation, the Danish analysts consider that some investors are looking with concern at the political situation in the region, considering that elections will take place in many Central and Eastern European states next year. 'To me the exchange rate estimated by the Danske Bank analysts seems too high. I believe that a more adequate estimate for the next three months would be of RON 4.35/EUR. Anyway, I don't think that the level of RON 4.40/EUR will be surpassed especially since we see a recovery at international level. It's true that the current economic crisis will be longer than the financial one however there is an improvement tendency,' BCR dealer Narcis Noaghea stated.

Nicolae Chidesciuc, ING Bank senior economist, considers that the current political crisis is deepening and the RON continues to bear the pressure of the political events. 'The negotiations with the Fund could grow complicated, however the exchange rate will not fluctuate too much now close to the elections. ING estimates an exchange rate of RON 4.5/EUR towards the end of the year and of RON 4.6/EUR at the end of March 2010,' Chidesciuc stated.

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