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Romanian Leu Loses Steam Vs Euro, Ends Weaker On DayUpdated: 08-12-2009 | Financial and Banking
The Romanian leu lost its advance against the euro in late trade Monday amid higher buy orders for euros and the negative sentiment in the region, closing weaker on the day at RON4.2330/RON4.2360 to the European currency.
On Friday, the leu closed at RON4.2230/RON4.2260 per euro.
The leu opened at RON4.2350/RON4.2380 against the euro Monday and hit an early low at RON4.24 per euro, but started to gain grounds shortly after and settled below RON4.23 per euro.
It then hit the day's high at RON4.2115 per euro, with dealers suspecting the central bank stepped in on the market to support the leu.
However, the central bank withdrew from the market in the second half of the trading session and the leu began to retreat against the euro, dealers said.
They added the leu's evolution was also affected by the results of a presidential runoff on Sunday, as the re-election of incumbent Traian Basescu for a new mandate triggered a slight negative sentiment on the domestic market at the thought the political uncertainty might not end soon.
With all the votes counted, Basescu obtained 50.33% of the ballot, while opponent Mircea Geoana received 49.66%.
Romania's central bank set a reference rate at RON4.2141 per euro Monday, slightly weaker on the day.
On the money market, overnight rates were at 8.37%-8.87% a year, up from 7.61%-8.11% a year on Friday.
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