BLBG:Serbian Dinar Declines to 15-Month Low Against Euro
The Serbian dinar fell to the lowest in 15 months as the currency broke through a stop-loss level recommended by banks in the Balkan country.
The currency was trading down 0.16 percent to 108.3483 against the euro, heading for the lowest close since Nov. 4, 2010.
“Two days ago, there was client demand, and today, it’s mainly about position squaring and stop-losses,” said Aleksandar Jaredic, head of Treasury at the Belgrade-based unit of Oesterreichische Volksbank AG.
The dinar decline comes just a week after banks, including Societe Generale SA, said in reports that the dinar was likely to gain within three months as foreign investors buy Serbian debt. Societe Generale issued a ’buy’ recommendation at 106.38 and a stop-loss level at 108.60.
To contact the reporters on this story: Douglas Lytle in Prague at dlytle@bloomberg.net; Gordana Filipovic in Belgrade at gfilipovic@bloomberg.net
To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net
