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Forint soars against the euro, down in dollar on interbank market

Initiatives

The forint was trading at 312.72 to the euro late Thursday on the interbank forex market, up from 315.31 late Wednesday. Also at 315.31 to the euro early Wednesday, the forint moved between 312.48, the highest since December 17 last year, and 315.81, after hitting an all-time low at 327.62 last Thursday.

The Hungarian currency got a boost from a falling euro against the dollar after the ECB announced an extended asset purchase program comprising sovereign euro area debt.

However, the scope of the ECB program was smaller than expected, failing to give a tangible boost to emerging market debt.

Earlier in the day, a regular auction of longer-term Hungarian sovereigns went as planned with yields falling, but a sharp fall in bid to cover ratios signaled caution.

The forint traded at 273.89 to the dollar, down from 271.57 late Wednesday. On Thursday, it moved between 270.52, after an eight-day high at 269.11 on Wednesday, and 274.30, after an all-time low of 280.33 last Thursday.

It was quoted at 315.02 to the Swiss franc, up from 315.79 late Wednesday. Its range on Thursday was 314.18 to 319.23, a four-day low, after it plunged to an all-time low at 378.49 last Thursday.

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