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Forint weakens to above 266 against euro on interbank market

The forint weakened to above 266 against the euro on Tuesday morning's interbank market, trading at 266.27 to the single European currency at 9:30 a.m., compared to a Monday-afternoon rate of 265.05.

Dealers note that the forint weakened to above 265 from 263 to the euro on Monday.

Dealers attribute the forint's weakening to a negative correction of its 5pc strengthening against the euro since the beginning of the year, noting that other central and eastern European currencies have weakened to a similar degree since Monday morning.

Dealers add that the forint's weakening has taken place amid light trade.

The forint traded at 184.79 to the dollar on Tuesday morning, compared to a Monday-afternoon rate of 183.40. The forint traded at 204.45 to the Swiss franc on Tuesday morning, compared to a Monday-afternoon rate of 201.88.