Romania is set to win back investors who sold the country’s assets during its political turmoil last month as International Monetary Fund support cuts government bond risk, according to BNP Paribas SA.
BNP Paribas SA, France’s largest bank, closed a trade buying the Turkish lira against the South African rand after making a 10 percent profit in two weeks, said Bartosz Pawlowski, head of emerging markets strategy.
The most accurate ruble forecasters expect Russia’s currency to climb to an eight-month high this quarter as rising interest rates, higher oil prices and a more flexible exchange rate lure investors to the world’s biggest energy exporter.
Emerging stocks extended losses after completing the worst quarterly drop since 2008 amid mounting concern there will be a world economic slowdown and European leaders prepared to weigh the risk of a Greek default.
Hungary’s decision to extend special industry taxes beyond their planned expiration may undermine efforts to boost economic growth to more than 5 percent by 2014 and meet revenue targets as debt repayments peak, analysts said.