Forint softens on interbank market

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The forint was trading at 311.62 to the euro at 5:30pm on Tuesdayʼs interbank forex market, down from 311.08 late on Monday. The forint softened to 278.03 from 276.61 against the dollar. The forint traded at 286.03 to the Swiss franc weakening from 285.27 on Monday.

The weakening of the forint was a reaction to the Monetary Councilʼs decision of the National Bank of Hungary to cuts its base rate to 1.20% from 1.35% on Tuesday.

The forint reached its lowest intra-day point on the interbank market shortly after the MNBʼs rate-setting meeting. Before the meeting the forint was trading around 311.34 to the euro, after the meeting it jumped to 313.13. Against the dollar the forint moved from 277.40 to 278.98 and against the Swiss franc from 285.84 to 287.28.

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