Korean conflict and fears over eurozone put RON under pressure
The RON yesterday fell to a one-month low against the euro, with
the exchange rate reaching 4.31 RON per euro after the conflict in
the Korean peninsula escalated and with rising speculations over
Portugal and Spain coming under pressure sparking a new wave of
aversion to assets considered risky.
The negative news has turned international investors towards
investments deemed as safe, with the American dollar and gold
gaining ground.
The National Bank yesterday calculated an exchange rate of 4.3082
RON per euro, 1.25 bani (1 RON - 100 bani) more than in the
previous day. This is the highest level reached by the euro in the
past month. The all-time high had been hit in June, 4.4 RON for one
euro.
The Bucharest Stock Exchange, which is celebrating 15 years since
opening, responded apathetically to the external news stories, with
the few investors still present on the market being already immune.
The BET index, which follows the top 10 listed companies, closed
slightly up (by 0.07%), while SIFs (Financial Investment
Companies), which are more volatile, lost 1.3%.
On the Bucharest interbank market, the euro climbed to 4.31 RON
yesterday, despite a supposed discreet intervention from the
National Bank, which is said to have sold foreign currency in order
for the euro not to increase further. Although it was a quiet
session, dealers noticed that this time the NBR did not defend the
4.3 RON mark, as they had suspected in preceding months, which
leaves the way open to new increases.