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The leu gained for a third day as Romania’s entry to two emerging-market benchmark bond indexes this month continues to bolster foreign investors’ demand for the nation’s debt and its currency.
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The lira weakened to the lowest level in more than five months as a levy on Cyprus’s bank savings threatened to throw Turkey’s biggest trading partner Europe back into crisis.
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The zloty depreciated the most in six weeks after the central bank cut its benchmark interest rate by 50 basis points, beating expectations.
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Romania’s leu strengthened to the highest level in a week on bets the central bank may step in to curb a currency decline.
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Romania’s leu gained the most in two weeks, the best-performing emerging market currency, as the inclusion of the nation’s debt into JPMorgan Chase & Co.’s bond index spurred investors’ interest for the country’s assets.
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The leu advanced to the highest level in a month as foreign investors bought Romania’s local debt a day before its inclusion in JPMorgan & Chase & Co.’s debt market index.
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The Turkish lira headed for the lowest level in a week on speculation the central bank will take measures to weaken the currency after an index showed it’s overvalued. Bond yields dropped.
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The lira weakened for a third day in Istanbul, crossing a 1.80 threshold against the dollar, on concern that policymakers will fail to contain a widening current-account deficit.
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The zloty fell to the weakest level in five months as investors expect gross domestic product data set to be published tomorrow will confirm the economy is slowing, bolstering the case for further interest rate cuts.
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Romania’s central bank cut its benchmark interest rate for the third time in as many meetings as a record-low inflation rate makes room for further easing this year to boost economic growth amid Europe’s debt crisis.
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