Are you sure?

Forint corrects some of its losses

The forint traded at 285.16 to the euro at on Monday on the interbank forex market, firming from 287.37 on Friday afternoon, correcting some of it losses suffered on Friday. Late on Friday, the forint weakened to around 288 to the euro, moving around 287.40 early on Monday.

The forint weakened to around 288 to the euro from around 283 on two rating agencies' negative moves affecting Hungary. First, Moody's Investors Service placed Hungary's sovereign debt under review for downgrade, then Standard and Poor's deteriorated Hungary's sovereign debt rating outlook from stable to negative. 

The forint traded at 220.74 to the dollar on Monday morning, firming from 224.32 on Friday afternoon. 

Regional currencies steadily strengthened last week in line with improving global trends, but the forint lost most of its gains on Friday. (MTI)