Hungarian Forint Drops To New Multi-month Low Versus Greenback
30 November 2010 - 4:42AM
RTTF2
The Hungarian forint traded lower against the US dollar in New
York trading on Monday after the Hungary's central bank
unexpectedly hiked its benchmark interest rate by 25 basis points
to 5.5%, as inflation remains persistently above the bank's
target.
The bank also noted that it may be necessary to increase the
base rate further in the coming months to meet the inflation
target.
Economists had forecast no change in the interest rate. The
central bank had kept the key rate unchanged for the past six
meetings. The current rate will be effective November 30.
At 12:00 pm ET, the forint declined to a fresh multi-month low
of 217.46 versus the greenback from last Friday's close of 211.51.
Currently, the forint is worth 217.10 versus the greenback. The
Hungarian currency has been in a downward channel against the
dollar for the past 1 week.
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