Hungarian Forint At 5-day High Against Dollar As Hungary's Central Bank Trims Rate To 6.25%
December 21 2009 - 10:24AM
RTTF2
Hungary's forint jumped to a 5-day high against the US dollar in
early New York trading on Monday following the Hungarian central
bank's decision to lower its key interest rate by 25 basis points.
The forint advanced 2.2 percent to 190.59 against the greenback by
8:05 pm ET. This was up 2.2 percent from last week's 3-1/2 month
low of 194.93 and 1.3 percent from Friday's close of 193.05. The
dollar-forint pair then moved sideways thereafter and is currently
quoted at 191.57.
The Magyar Nemzeti Bank lowered its base rate to 6.25% from
6.50% to bring stability in the economy in a volatile environment
and to contain inflation which currently stays above the central
bank's target. Thus, it matched the level last seen in June 2006.
The central bank has made a total reduction of 375 basis points in
seven occasions this year, including the latest cut.
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