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Romanian Leu Appreciates Most in Two Weeks on Fed Stimulus Plan

Romania’s leu strengthened the most in two weeks and foreign bond yields dropped after the Federal Reserve’s plan to buy bonds until the U.S. job market recovers pushed up appetite for riskier assets.

The leu rose as much as 0.5 percent, the most since Aug. 30, to 4.4895 per euro, before paring its gain to 0.3 percent to 4.4990 per euro by 5:14 p.m. in Bucharest, according to data compiled by Bloomberg. Yields on Romania’s euro-denominated bonds due 2018 dropped about 8 basis points to 4.735 percent.

Emerging-market currencies, including the Polish zloty and the Czech koruna in Europe’s east, and stocks rallied after the Fed said yesterday it will expand holdings of long-term securities with open-ended purchases of $40 billion of mortgage debt a month and hold the federal funds rate near zero “at least through mid-2015.”

“Emerging Europe’s currencies opened stronger on Friday morning supported by global investors’ improved sentiment. The Romanian leu opened at 4.5010 per euro and traded in the 4.4891 - 4.5050 per euro area,” Piraeus Bank Romania SA economists, including Camil Apostol, wrote in a note to clients today. “We think the leu will close the session in the same area.”

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