Romania’s currency close to all-time low against EUR

The Romanian currency approaches the all-time low registered last month against the European single currency.

The exchange rate rose on Friday by 0.1 percent to 4.7619/EUR, National Bank of Romania (BNR) data show. The EUR/RON pair approaches again the all-time low of 4.7648/EUR registered on January 25.

Analysts say the depreciation could continue despite the higher interest rates in the market.

“The market seems to be looking to test the 4.7700 level, which could take place after the cyclical selling interest for the purpose of budget payments ends,” ING Bank analysts said on Friday in a research note.

US dollar gained 0.1 percent to RON 4.1988.

Romania’s three-month money market rate (ROBOR), the main indicator that sets the interest rates for RON currency borrowers, stood on Friday to 3.28 percent, a 3.5-month high.