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Forint weakens on interbank market

The forint weakened on Wednesday morning's interbank market, trading at 272.57 to the euro at 10:00 a.m., compared to a Tuesday-afternoon rate of 271.98.

Dealers attribute the forint's weakening to moderately negative sentiment on the market stemming from the overnight Moody's downgrade of Japan's credit rating and the Central Statistics Office's Wednesday-morning publication of disappointing Hungarian retail-sales data for the month of June.

Dealers predict that the forint will fluctuate in a narrow range between 271 and 273 in trade against the euro on Wednesday.

The forint also weakened against the Swiss franc and the US dollar on Wednesday morning, trading at 238.73 to the CHF and 189.27 to the USD at 10:00 a.m., compared to rates of 238.28 and 188.56, respectively, at 5:45 p.m. on Tuesday.