The National Bank of Romania (BNR) posted on Thursday a reference exchange rate of RON 4.2940/EUR, down by RON 0.054, representing a new low for this year. A lower rate, RON 4.2953/EUR, was posted on December 16, 2010. On Wednesday the exchange rate stood at RON 4.2886/EUR. By the end of the session the transactions moved up to 4.26 RON/EUR. The RON continued to appreciate against the USD, the BNR exchange rate dropping by RON 0.219 from RON 3.1346/USD to RON 3.1127/USD. The RON/CHF exchange rate dropped by RON 0.066 from RON 3.5631/CHF to RON 3.5565/CHF. According to some dealers, there are rumors that the RON’s overnight appreciation on external markets, up to RON 4.3120/EUR, was caused by orders from a hedge fund that speculates a RON depreciation. “The volumes grew by midday and some large international banks recommended their clients to sell EUR at this level. Although there still are growth pressures on the exchange rate, many players are staking on BNR’s intervention in case the exchange rate surpasses RON 4.3/EUR,” a dealer stated.
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