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Romania’s Leu Strengthens to Pare Weekly Fall; Yields Advance

The leu gained, paring its decline for the week, and foreign bond yields rose.

The Romanian currency strengthened less than 0.1 percent to 4.5329 per euro by 4:13 p.m. in Bucharest. Yields on 2019 euro-denominated bonds advanced seven basis points, or 0.07 percentage point, to 4.823 percent, according to data compiled by Bloomberg.

Romania’s central bank capped lending at 6 billion lei at its weekly repo auction on Nov. 19 even as demand rose to 30 billion lei, tightening funding for lenders. It started restricting funding on Oct. 8 to support the leu, which slumped to a two-month low of 4.5716 per euro on Oct. 5.

Inflation will end this year at 5.1 percent, the bank said Nov. 7. That compares with an August 6 forecast of 3.2 percent.

A campaign for general elections started on Nov. 9 in Romania as the ruling coalition of Prime Minister Victor Ponta goes head-to-head with the opposition party supporting president Traian Basescu. Parliamentary elections will be held on Dec. 9.

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