Analysts see RON continuing to appreciate

The RON managed yesterday to regain much of the ground lost over the course of last week, taking advantage of optimism returning among international players after an impressive package of measures has been announced by the European authorities to calm down the markets, with analysts saying the RON could further appreciate.
On the Bucharest forex market the euro fell towards 4.15 RON yesterday in early trading after last Friday, when international markets tumbled, it had climbed to 4.23 RON.
“Now everybody is happy. But, given that the RON was prevented from depreciating significantly, its appreciation is not very significant, either,” comments the dealer of a local bank.
Judging from the exchange rate calculated by the NBR (National Bank of Romania), the euro lost 0.5% yesterday, going down to 4.1641 RON. The Polish zloty, which the RON is often compared to by players, saw much bigger fluctuations. The exchange rate calculated by the European Central Bank for the Polish zloty saw it down by 2.8%, to 4.02 zloty per euro, from 4.14 zloty/euro last Friday. This amounts to a nearly 8% zloty depreciation since the beginning of April, while the RON depreciated by a little over 2%. This fuelled market speculations on discreet NBR interventions, meant to protect the RON.