Serbian currency continues decline against euro

Serbian currency continues decline against euro

BELGRADE -- The Serbian dinar (RSD) has resumed its decline against the euro (EUR) dropping 0.1 percent and setting the middle exchange rate at RSD 122.1498 on Monday.

On Friday, the central bank sold EUR 10 million in the interbank foreign exchange market (IFEM) to ease excessive short-term daily volatility of the dinar exchange rate, but that could not prevent the Serbian currency from falling to its lowest level so far this year.

The dinar is down 1.3 percent against the euro from a month ago and 5.9 percent against a year earlier.

The indicative dinar-versus-dollar exchange rate is up 0.4 percent to RSD 97.9785.

Placed against the U.S. dollar, the Serbian dinar is worth one percent less than a month ago and 14.7 percent less than a year ago.

The Serbian currency touched its highest middle exchange rate level this year on January 1, when one euro could buy RSD 114.6421.

Since the beginning of the year, the NBS has purchased a total of EUR 200 million and sold EUR 1.675 billion in the IFEM.