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Another stormy day on forex market, with euro getting close to 4.4 RON

29.06.2010, 18:30 7

The high foreign currency demand from the population, who hasstarted withdrawing their deposits to buy euros after the alarmingforeign exchange rate projections discussed in recent days, hasdriven the euro to new all-time highs. However, foreign players arenow betting the NBR will intervene to push the RON higher. The euroin the first half of yesterday's trading day climbed to above 4.39RON amid the lack of a NBR move, thus marking an increase by almost4% in just three trading days. Closeness to the 4.4 RON threshold,however, has sparked the interest of foreign players, who havestarted buying RON, counting on the fact that the NBR will notremain unmoved by the exchange rate increase and will intervene toreverse the tendency. Thus, even though the NBR stayed outside themarket yesterday, too, foreigners' sales balanced out foreigncurrency demand. In midday, the NBR calculated an official rate of4.3523 RON for an euro, 2.66 bani or 0.6% higher than in theprevious day, thus marking a new all-time high, after the one seton Monday.

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