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Slovak crown hits second record against euro

The Slovak crown reached a new all-time high on March 4, when it was traded at 32.26 SKK/EUR, thus breaking through the previous record of 32.29 SKK/EUR from earlier in the day. The crown began trading at Sk32.37/40 per euro, but soon firmed to and beyond the record level for the first time in the day. The firming is being attributed to the result of Standard & Poor's improving Slovakia's rating on March 3, with the country expected to join the Eurozone successfully as of 2009, Tatrabanka dealer Boris Somorovský told SLOVAKIA.

The Slovak crown reached a new all-time high on March 4, when it was traded at 32.26 SKK/EUR, thus breaking through the previous record of 32.29 SKK/EUR from earlier in the day. The crown began trading at Sk32.37/40 per euro, but soon firmed to and beyond the record level for the first time in the day. The firming is being attributed to the result of Standard & Poor's improving Slovakia's rating on March 3, with the country expected to join the Eurozone successfully as of 2009, Tatrabanka dealer Boris Somorovský told SLOVAKIA.

After reaching its strongest level in the morning, the crown corrected slightly to 32.33/36 SKK/EUR. However, the strong demand of foreign banks for the SK seen in the afternoon boosted the Slovak unit towards the record. The morning scenario was repeated, however, with the crown correcting moderately to be traded at 32.31/34 SKK/EUR towards the end of the trading day.

Against the US dollar, the crown closed at 21.20-21.25 SKK/USD, while against its Czech counterpart it ended trading at 1,2965/1,2995 SKK/CZK. Somorovský expects the crown to move within the range of 32.20-32.50 per euro in the next few days. Even though it may strengthen further, its temporary weakening can't be ruled out, bearing in mind the collection of profits. TASR

Compiled by Zuzana Vilikovská from press reports

The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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