Local currency appreciates for fourth consecutive month.
Local currency appreciates for fourth consecutive month. The local currency appreciated for the fourth month in a row against euro, consolidating its real (CPI adjusted) monthly gain to 1.8%. The local currency thus confirms the steady appreciation path interrupted during May-July when the local currency lost ground against euro. In real y/y terms, RON gained 7.5% against euro and 17.9% y/y against the US dollar. Bloomberg recently concluded that Romania's currency surpassed all European currencies to become the world's best performer this year and predicting that it is poised for more gains because foreign investment may double as the country enters the European Union. RON rose 20% against the dollar in 2006 says Bloomberg mentioning nominal terms, passing a six-year high, fuelled by investments from foreign companies.