Serbia buys euros to stem dinar gains

The Serbian central bank bought 90 million euros ($109.91 million) on the local interbank market on Wednesday to stem gains in the dinar, it said in a statement. The bank has so far this year bought a total of 270 million euros to tame the dinar exchange rate. It stepped in as the dinar traded at 117.75 to the euro. In a statement, the bank said its intervention bolstered trading on the domestic interbank market.
"The total turnover in euros between banks ... amounted to 73.9 million euros or more than double the average daily turnover," it said. The dinar, which has been bolstered by T-bond auctions, traded at 117.99 to euro, Reuters data showed.