Zloty on the rise

End of week trading has seen strengthening of the Polish currency. The zloty stood at 3.87 to the euro, midday Friday. According to Przemyslaw Kwiecien from XTrade Brokers, the currency is seen as underinvested and undervalued by traders.

“It appears that investors still remember that the Polish economy has not suffered so much in the global crisis as others, while in terms of threats to the banking sector the Polish currency was not too strong. Therefore investors see a chance that the zloty will continue gaining in value compared to other emerging market currencies,” he told Polskie Radio.

The zloty is also gaining relative to the euro, which has suffered over concerns about the dire condition of the Greek economy and others in the Euro Zone.

Source: IAR (ab/pg)