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Over 400 Euro: Forint Hits Weakest Level in Over a Year

• 3 Oct 2024 6:10 AM
• Hungary Around the Clock

Geopolitical tensions in the Middle East have pushed Central European currencies lower, but the forint was the hardest hit on Wednesday 2 October, Portfolio writes.

On Wednesday evening, the forint was trading at 400.7 against the euro, a 0.8% decline during the day, and the currency’s weakest level since March 2023.

The dollar-forint rate moved up from 359.2 to over 363.

On the stock market, the benchmark BUX index fell by 1.5%, led by a sell-off in Richter shares.

Shares of the pharmaceutical group fell by 3.6% to Ft 10,820 after an extended rally in recent weeks.

The other three blue-chips also finished the day lower. MOL was down 1.6%, Magyar Telekom slipped by 1% and OTP was 0.4% lower.

Forint weakens on interbank forex market

The forint traded at 398.08 to the euro around 5:30 in the evening on Tuesday, easing from 397.14 late Monday.

The forint weakened to 359.73 from 356.22 against the dollar. It fell to 425.31 from 421.66 to the Swiss franc.

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