In consequence of the conjecture that the Swiss National Bank may have sold the currency to avoid further gains after it reached a record high against the single currency yesterday, the Swiss franc weakened against the euro for the first day in four.

Adam Cole, Head of currency strategist at RBC Capital Markets in London shared that there is a rumor that SNB might have been in the market this morning.

He said, "They have been in the market lately trying to put a floor on euro-Swissie. It's a smoothing exercise. We don't know what levels they are looking at these days as we are in an uncharted territory".

Central bank spokesman, Nicholas Hamoz was unwilling to comment on the same. The franc traded at 1.4015 per euro at 11:11 a. m. in Zurich, from 1.4009 yesterday. It had braced up to trade at 1.4005, which is its highest level against the euro since the European currency was introduced in the year 1999.

In order to fend off deflation and revive the economy, the central bank started selling francs in March 2009. SNB Chairman, Philipp Hildebrand revealed that he will not be accepting an "excessive" appreciation of the currency. On May 6, when the data showed Switzerland's consumer prices went up 1.4 percent in April from a year earlier, the franc jumped as much as 2.2 percent.