A 4-lei euro, a level that seemed unimaginable as early as atthe beginning of this year, when one euro was still close to the4.3-lei mark, is already considered by all analysts after the eurodepreciation against the leu sped up this week.
The appreciation of the Romanian currency in the last twomonths, which was potentially influenced by the NBR in thebeginning, has sparked the interest of foreign investors, who wantto benefit from the leu's rally. Citi and UniCredit analystsyesterday modified their targets, recommending to investors who hadin the past sold euros against lei to wait for a 4 lei/euroexchange rate before they take profit.
"The euro/leu exchange rate can fall to 4.03 level from 4.1 nowbut, but we do not think it will break those levels sustainably asCentral Bank will wish to discourage overly fast currencyappreciation," says Wike Groenenberg, analyst with Citi London.
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