Romanian currency depreciates sharply against the euro

Romania's currency has been on a depreciating run against the euro and reached a record RON 4.5810 to EUR 1 at the beginning of June – the highest rate since October last year. Today's (June 10) official central bank (BNR) exchange rate is RON 4.5535 to EUR 1. Fera Omer, Area Senior Preferred Banker for RBS Romania said that although other regional currencies have also slid against the euro, Romania has seen the most significant depreciation. “The main drivers of the EUR buying / RON selling orders were the offshore traders that reversed their positions created at the beginning of the year. The extremely high volumes determined the significant depreciation of the RON,” said Fera Omer. According to Omer, the expectation that the US Federal Reserve will reduce the buying assets program and that excessive liquidity will gradually reduce means traders are keeping a close eye on the US central bank, hoping to anticipate any moves. editor@romania-insider.com