Romanian national currency quota hit a six-year peak in the last trading session of the previous week, by comparison with the US dollar, following trends on foreign markets, where the American currency depreciated after it was revealed that American confidence in the US economy was sinking.
The 2.5227 RON/USD quotation came very close to the reference value announced by the National Bank of Romania (BNR) on November 22, 2000, which was RON 2.5190.
The strengthening of the national currency came both on the background of USD/EUR depreciation on the FOREX market, but also as a consequence of RON appreciation compared to EUR, its quotation dropping under the 2.36 RON/EUR level.
Friday’s last transactions on the inter-bank market were performed at a RON/EUR quotation of 3.3560-3.3580, although the national currency had been declining during the first part of the day. BNR announced for Friday a RON/EUR reference rate of 3.3639, after coming close to the lowest level for 2007 on Thursday.
This appreciation trend compared to the EUR doesn’t appear to be lasting, considering that on the derivative market of the Sibiu Monetary Financial and Commodities Exchange (BMFMS), the EUR is quoted at RON 3.39 for the latter half of the year. Furthermore, concerning this month’s end, trading sessions were performed at the end of last week at a 3.38 - 3.385 RON/EUR quota.
The dollar fell to its lowest level in three months against the euro Friday on concerns that US economic momentum could be losing steam in the face of a housing market downturn, AFP reports. The single European currency in late-day trade was at USD 1.3311 after 1.3236 late Thursday in New York. The euro at one point rose to USD, its best showing since December 8, 2006. The dollar was meanwile trading at 116.76 yen, down from 117.48 on Thursday.
There was little impact from US inflation data released Friday that was slightly above predictions. US consumer prices rose 0.4 per cent in February, the Labor Department said, according to AFP.
The consumer price index (CPI) was stronger than the 0.3 per cent expected by Wall Street analysts. But the “core” CPI index, which excludes volatile food and energy costs, was up a more modest 0.2 per cent, in line with market forecasts.
The data should come somewhat as a relief a day after a separate report showed an unexpected 1.3 per cent surge in wholesale prices. But the figures failed to lift overall weak sentiment surrounding the dollar and analysts noted that the greenback’s vulnerability has become more broad-based during a week of stock market volatility.