BUSINESS

RON edging closer to 4.5/EUR threshold

The national currency started to depreciate in the second half of Friday’s trading day, a move that was in line with the regional trend, the quotes reaching a new historical high on the interbank market: RON 4.4750/EUR. Around 5 PM the rate stood at RON 4.4730-4.4750/EUR, higher than the rate registered on Thursday (RON 4.4666-4.4680/EUR). The reference exchange rate that the National Bank of Romania (BNR) published on Friday dropped to RON 4.4646/EUR after reaching its historical high on Thursday (RON 4.4662/EUR). Friday’s exchange rate was RON 0.0016 below the record level registered during the previous trading day. The first transactions on Friday were at an exchange rate of RON 4.4680-4.4700/EUR and in the first part of the day the rate dropped slightly to RON 4.4640-4.4660/EUR on low transfer volumes. The slightly positive sentiment seen at the start of the trading day was reversed by the announcement according to which Catalonia asked the Madrid Government for financial support in order to refinance its debts, the exchange rate reaching a new historic high towards the end of the trading day (RON 4.4750/EUR). At the same time, the US stock exchange opened down on Friday because of fears over the crisis in Greece, while investors expected volatility and low transaction volumes ahead of an extended week-end in the US.

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