The RON is once again striving to become one of the strongestcurrencies in the region, having resisted the wave of depreciationthat occurred on the emerging markets over the last few days. Theeuro traded at slightly less than 4.22 RON yesterday in Bucharest,while in Warsaw it surpassed 4.2 zloty after the Polish currencyhad strengthened to almost 4 zloty/euro early in the month.Analysts say the strengthening of the RON over the past few dayshas been once again helped by discreet interventions of the NBR."On Wednesday I did not notice an intervention of the NBR, with thebig payment orders coming from foreign players. Today, on the otherhand, I think the bank wanted to prevent the RON from depreciatingbeyond 4.23 RON/euro. The NBR is most likely seeking to keep theexchange rate at a certain level and to send a positive message tothe market," says Nicolaie Alexandru Chidesciuc, chief economist ofING Bank. The NBR calculated an exchange rate of 4.2232 RON pereuro, 0.53% less than the previous level. On the interbank marketthe euro climbed in the first part of the day to 4.2350 RON, butfell towards 4.21 RON in the afternoon. The RON's appreciation wasalso aided yesterday by the good news coming from the InternationalMonetary Fund, according to which Romania could receive the nexttwo tranches of its loan in February, as well as by the appointmentof a prime minister to the helm of the new government.
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