Putin’s announcement sent the Hungarian forint plummeting

The euro was just below 400 forints, but this miracle did not even last a whole day. On Wednesday afternoon, the exchange rate was back above 405 after it was announced that the Russian reserves would be mobilised.

The forint started to weaken rapidly on Wednesday afternoon. The euro jumped to over 405 forints and the dollar to 409 forints, whereas on Tuesday both currencies were still trading below 400 forints. With the escalation of the war and the repeated rise in world gas prices, the forint has started to weaken again, and we are now above the 50 and 30-day moving averages, napi.hu reports. If today’s trading ends above 401.20, further rises towards the 408-410 levels are expected, Equilor Befektetési Zrt. said.

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Source: napi.hu, portfolio.hu