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Forint dives to 320.8 per euro, near record low

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The forint weakened to 320.80 against the euro at 9 a.m. and was trading around 319 to the euro by 10:20 a.m. today, Hungarian news agency MTI reported. According to Hungarian online daily Index, this was the lowest point for the forint against the euro in three years. Portfolio.hu said the record low is not much further: 323.30.

According to MTI, the forint briefly weakened to lower than 319.60 early Friday afternoon on international markets before a partial recovery brought it to fluctuate between 317.60 and 319.10 during the weekend.

The forint traded at 267.09 to the dollar, weakening slightly from early trade and down sharply from 260.91 late last Wednesday. Against the Swiss franc, the forint weakened to 265.64 by midmorning, slipping about HUF 0.60 from the morning and about HUF 2.50 from late Wednesday.

Hungarian online daily napi.hu said that the exchange rate of the euro to the American dollar hit its lowest point since August 2006. The daily speculated that the European Central Bank (ECB) would soon launch its program aimed at limiting deflationary risks.

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