Zloty Off Recent Lows Against Dollar As Poland Cent. Bank Hikes Rate To 4.5%

The Polish zloty halted its previous session's downtrend against the US dollar immediately after the nation's central bank decided to increase its key interest rate for the fourth time this year.

The Narodowy Bank Polski increased the reference rate by 25 basis points to 4.5 percent. The move was in line with economists' expectations.

The country's consumer price inflation rose for the second straight month in April to its highest level in 32 months. Inflation was 4.5 percent, well above the central bank's 2.5 percent target.

The Polish economy expanded an unadjusted 4.4 percent annually in the first quarter, preliminary estimates showed on May 31. In the final three months of 2010, the economy grew 4.5 percent.

The zloty that inched higher to 2.6994 against the dollar after the rate announcement failed to make any significant headway in the succeeding trading hours. The zloty is presently trading at 2.7105 against the buck, well-off yesterday's fresh monthly high of 2.6793.

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