Romania’s currency falls 0.4 pct vs. EUR, approaches again all-time low level

Sorin Melenciuc 01/02/2019 | 13:10

The Romanian currency has reentered on Friday into the depreciation path against the European single currency and seems to be in a new comfort zone.

The exchange rate rose on Friday by 0.4 percent to 4.7517/EUR, after four days of decline, 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 that RON seems to be in a new comfort zone.

“Finally, the market seems to have found a support level for the EUR/RON, after finding a strong resistance level last week of 4.7700. The pair tested the 4.7200 level yesterday on very high, likely corporate, turnover, but failed to break below and returned towards 4.7400,” ING Bank analysts said on Friday.

“It might be too early to call for a new EUR/RON range, but as things are shaping up right now, it looks that 4.7200-4.7700 could be a new comfort zone for the pair for some time,” they added.

US dollar gained 0.4 percent to RON 4.1433.

Romania’s three-month money market rate (ROBOR), the main indicator that sets the interest rates for RON currency borrowers, stood on Friday to 3.06 percent.

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