On Wednesday, 5 April, the Hungarian forint strengthened significantly against foreign currencies. Against the dollar, the currency reached a level not seen for a long time – almost a whole year.
Recently, a senior analyst at Equilor Befektetési Zrt. told Index that the forint is approaching major milestones. He said that it could even set a one-year record against foreign currencies. This just happened today: the forint reached a level against the American dollar that we have not seen since last April.
The forint strengthened significantly on Wednesday. At midnight, the dollar was worth around HUF 345. However, at 12.17 PM, it was HUF 343. The forint also strengthened against the euro by around two forints from around 377.75 at midnight to 375.76 at a quarter past twelve this afternoon.
In the case of the dollar, this means that the forint has broken an almost one-year high. The last time the US currency was cheaper than this was on 21 April 2022, Index writes.
However, Zoltán Varga also warned in an interview with Index that the current strengthening can only be seen as a temporary phenomenon. He said that the euro could easily return to the 400-410 level in the second half of the year.