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The highest-denomination Hungarian bank note. (MTVA/Imre Faludi)
economy Hungary

Hungarian currency hits all-time low against euro

Hungary’s currency continues to weaken, which could further compound inflation

editor: REMIX NEWS
author: Mandiner
via:

The exchange rate of the forint reached a low point against the major currencies on the interbank market on Monday. The quotation of the euro rose to 370.23 forints, which is a historic low. The previous highest quotation of the euro was 369.87 forints on April 1, 2020. That day, the Swiss franc also had the highest quotation at 350.09 forints, which was surpassed by the quotation of 353.68 forints on Monday.

In the case of the dollar, the highest quote of 341.33 forints set on April 3, 2020, is still in place. The highest quote on Monday was 328.13 forints, which is, however, the highest this year.

The forint had a slight correction by noon, and was only 0.4 percent weaker against the euro and the Swiss franc and 0.3 percent lower against the dollar than its early morning quotes.

In its early afternoon, the forint was 2.5 percent weaker against the euro compared with its value at the beginning of November and 1.7 percent weaker than at the beginning of the year.

The Polish zloty has depreciated by 2.1 percent against the euro since the beginning of the month and by 3.3 percent since the beginning of the year.

The Czech koruna has strengthened by 0.8 percent since early November and by 3.0 percent since the beginning of the year. The Romanian leu is roughly up against the euro at the beginning of the month and has weakened by 1.7 percent since the beginning of the year.

Against the dollar, the forint has weakened by 5 percent since the beginning of November and by 10 percent since the beginning of the year. Against the Swiss franc, its monthly loss is 3.6 percent and 5 percent since the beginning of the year.