Hungarian forint sinks steadily, reaching a historic low against the euro – UPDATE

The forint hits new lows, the euro is at 379 forints.

11 AM

372.89 forint/euro – this is the historic low for the forint. The exchange rate of the domestic currency against the euro reached this level at the height of the 11th hour.

The weakening of the forint was caused by the Russian-Ukrainian war. At such times the dollar and the safer currencies, the euro, tend to strengthen.

The dollar crossed the 335 forint level.

11:30

The euro was already above 374 forints at 11:30. Here is the newest low for the forint.

2 PM

The euro was at 376.75 forints shortly before 2 pm. This is yet another low for the forint. The dollar is now at 337.5 forints.

2:30 PM

The euro has already hit 379 forints.

In one week, the domestic currency lost 6.5 percent of its value against the euro, last Tuesday it was 355 forints to 1 euro, now it is 24 forints more.

As we wrote yesterday, Hungarian Forint has reached its lowest level ever. On Monday, 1 EUR was HUF 372.21. Read more HERE.

• read also: Hungary to fall behind Romania within 1-2 years!?

UPDATE

The National Bank of Hungary (NBH) will use all elements of its toolkit to intervene to ensure the stability of the domestic financial markets if necessary, read more HERE.