The RON managed yesterday to regain much of the ground lost overthe course of last week, taking advantage of optimism returningamong international players after an impressive package of measureshas been announced by the European authorities to calm down themarkets, with analysts saying the RON could furtherappreciate.
On the Bucharest forex market the euro fell towards 4.15 RONyesterday in early trading after last Friday, when internationalmarkets tumbled, it had climbed to 4.23 RON.
"Now everybody is happy. But, given that the RON was prevented fromdepreciating significantly, its appreciation is not verysignificant, either," comments the dealer of a local bank.
Judging from the exchange rate calculated by the NBR (National Bankof Romania), the euro lost 0.5% yesterday, going down to 4.1641RON. The Polish zloty, which the RON is often compared to byplayers, saw much bigger fluctuations. The exchange rate calculatedby the European Central Bank for the Polish zloty saw it down by2.8%, to 4.02 zloty per euro, from 4.14 zloty/euro last Friday.This amounts to a nearly 8% zloty depreciation since the beginningof April, while the RON depreciated by a little over 2%. Thisfuelled market speculations on discreet NBR interventions, meant toprotect the RON.
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