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Slovak crown dips

According to OTP Banka Slovensko dealer Eduard Pracko, the Slovak crown was losing ground on Wednesday, moving to close at around Sk33.20 per Euro, a significant drop from the Sk33-per-euro threshold that it approached on July 23.

The Slovak currency began the day at 33.210/33.240 SKK/EUR, after closing on Tuesday at 33.100 SKK/EUR. During the day it strengthened slightly, standing at 33.185/33.210 SKK/EUR just before the end of trading.

Pracko said that the significant weakening of the koruna was not expected. He added that regional influences probably played a role, along with profit-taking.

The crown also eased significantly against the U.S. dollar on Wednesday, moving from around Sk24 per dollar to 24.170/24.210 SKK/USD at the end of the day's trading. The shift was caused by strengthening of the U.S. currency against the Euro, said Pracko. Against the Czech koruna, the Slovak currency closed the day's trading at 1.180/1.181 SKK/CZK.

Although a certain amount of correction and profit-collecting is taking place at the moment, Pracko said he didn't expect the crown to move beyond Sk33.30 per Euro. In the days ahead, the dealer expects a firming trend, with a gradual shift back towards the Sk33-per-euro level.

Compiled by Zuzana Vilikovská from press reports
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