The rise and fall of the Hungarian forint

The forint started weakening after it emerged that Russian oil is not coming to Hungary. This morning, it seems like it received another blow, after which it decided to strengthen again.

Yesterday morning, the euro was still at 394 forints, but in the afternoon, it went up to 398 forints. The weakening followed the news that the Friendship II pipeline had been shut down. The euro was up to 398.16 forints, the dollar to 389.55 forints and the Swiss franc to 408.08 forints on news of the oil supply cut, writes szeretlekmagyarorszag.hu.

• Read also: Hungary is about to face brutal inflation

The forint performed very well throughout last week, even falling below 393, but this week has been more mixed so far. Yesterday’s news of the The oil supply shutdown brought a serious weakening, with the forint climbing above 398.

Around half past nine, the forint started to fall again, with the euro jumping from around 397 to 399.5. The dollar rose to 391.3. Across the region, the Czech koruna is stagnant and the Polish zloty has weakened by only 0.2%, reports portfolio.hu.

After it was reported that MOL has paid the transit fee to the Ukrainians and oil transit could start again in a few days, the forint has strengthened. After reaching even 401.3, the forint rallied to near 398 against the euro.

Read alsoRussian oil supplies to Hungary have stopped!

Source: szeretlekmagyarorszag.hu, portfolio.hu