The Slovak crown recorded new historic highs against the euro and the US dollar on May 28, OTP Banka Slovensko dealer Eduard Pracko told the TASR newswire. As early as the morning session, the crown broke the 31 SKK/EUR threshold for the first time ever. Its current records are 30.65 SKK/EUR and 19.52 SKK/USD.
The crown opened trading at 31.085 SKK/EUR, said Pracko. During the first half of trading, the Slovak currency then strengthened by more than 40 hellers, and at around 1 p.m. it reached the record-breaking level of 30.65 SKK/EUR. The crown then slightly corrected, but didn’t move significantly, ending trading at 30.730/30.740 SKK/EUR.
Thanks to the significant strengthening, the Slovak currency reached a record-breaking level against the US dollar as well, at one point rising to 19.52 SKK/USD. Towards the end of trading it stood at 19.620/19.640 SKK/USD. Against the Czech crown, the Slovak currency reached the strongest level since October 2007, when it was at 1.218/1.220 SKK/CZK. In spite of the current robust levels, the Slovak currency still has room for firming, assumes Pracko. In his opinion, investors currently expect the crown's conversion rate against the common European currency to be between 30-30.5 SKK/EUR, which the market value of the crown should get to as well.
In view of the significant firming, it's possible that the revaluation of the central parity, and setting of the definitive conversion rate of the crown against the euro will take place even earlier than the expected date of July 8. 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.
29. May 2008 at 10:00