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Forint weakens on interbank forex market

The forint traded at 252.52 to the Swiss franc late Monday, weakening from 251.59 on Friday, but recovering after passing the 255 mark to reach a new historical low early in the morning.

The forint softened to 273.93 from 273.11 against the euro and to 193.22 from 192.60 against the dollar as investor demand for emerging market currencies waned because of a downgrade of the United States' sovereign rating by Standard and Poor's late Friday.

On the secondary market for government securities, benchmark yields were down 4-5bp for terms over a year.