Hungarian currency hits record low against euro

Source: Xinhua| 2019-11-27 06:35:54|Editor: Mu Xuequan
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BUDAPEST, Nov. 26 (Xinhua) -- The Hungarian forint has weakened to over 337 against the euro, hitting a new historical low for the Hungarian currency, the national news agency MTI reported on Tuesday.

"The forint hit new lows against the euro on the interbank foreign exchange market on Tuesday," MTI said. The Hungarian currency traded at 337.26 forints to one euro, which is the weakest ever exchange rate against the common European currency, it added.

Leading local economy news portal Portfolio explained the weakening of the Hungarian currency by worrisome news of a slowing Western European, and especially German economy -- Hungary's first trade partner -- and the uncertainty caused by the Brexit.

The Hungarian National Bank MNB keeping the central bank base rate of the forint at an all-time low of 0.9 percent is also a contributing factor.

"If the 336-337 barrier will not hold, the long term trends suggest that the forint might weaken to as much as 350 HUF/EUR," Portfolio warned.