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Forint weakens slightly after central bank rate rise

The forint weakend slightly after the National Bank of Hungary's Monetary Council raised its key rate by 50bp to 6.50% at a rate-setting meeting on Tuesday.

The forint traded at 309.07 to the euro 15 minutes after the announcement, in a slight slip from HUF 308.42 just before the announcement.

The euro traded at HUF 308.57 Monday evening.

The decision -- the first rate change in ten months -- came days after Moody's downgraded Hungary's sovereign rating to "junk" and was in line with market expectations.