Forint Plumbs New Lows Against Euro
- 4 Oct 2022 7:19 AM
- Hungary Matters
The forint traded at 427.26 against the dollar around 5:30, firming from 430.48 late Friday.
It strengthened to 430.65 from 438.71 to the Swiss franc.
The forint traded at 427.26 against the dollar around 5:30, firming from 430.48 late Friday.
It strengthened to 430.65 from 438.71 to the Swiss franc.
The forint firmed to a four-year high against the euro on Monday, after a landslide election victory by the Tisza Party. The forint traded at 363.12 to the euro around 5:00 in the evening on Monday, advancing from 375.13 late Friday.
A sustained 10% rise in oil prices could lift inflation by 0.5% in Romania and 0.45% in Hungary, according to an analysis by ING bank underlining the vulnerability of energy-importing economies in Central and Eastern Europe.
The Monetary Council of the National Bank of Hungary (NBH) decided to leave the central bank base rate unchanged at 6.50pc at a monthly policy meeting.
By early Wednesday evening, the euro's exchange rate approached 381 Forints, marking an 18-month high for the Hungarian currency. The euro stood above 384 Forints on Wednesday morning, but the Forint began to strengthen steadily from 11 AM, with the rate falling below 381.7 Forints just before 7 PM.
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