Romanian currency strengthens against euro, dollar after S&P rating increase

The official exchange rates announced by Romania’s National Bank (BNR) on Friday, May 16, shows a strengthening of the Romanian currency (RON) against the euro and the US dollar following Standard & Poor’s announcement regarding the improvement of Romania’s sovereign rating to investment grade, which should make the country more attractive for foreign investments. The exchange rate for the euro against RON fell on Friday by 0.17 percent to RON 4.4275 , which is the lowest level in the last eight months. In the last two days, the euro lost 0.32 percent against the RON, which means the RON strengthened against the euro, as Romania announced the highest GDP growth in the European Union in the first quarter of this year, of 3.8 percent. The exchange rate for the US dollar also fell by 0.59 percent on Friday, to RON 3.2277 . Andrei Chirileasa, andrei@romania-insider.com