The price of one euro (EUR) was 405 forints (HUF) by midday this Tuesday. The Hungarian forint started the week at HUF 392/EUR, and has been free-falling for the second day in a row, the business news site napi.hu writes.
The forint weakened sharply on Tuesday after Monday's plunge. At the end of last week, the exchange rate was around HUF 392/EUR, but on Monday it went up to almost 400, and by midday on Tuesday it was over 405.
The US dollar also crossed the HUF 400/USD psychological barrier again on Tuesday. The last time the forint was this weak was in July, when drastic interest rate hikes failed to bring the exchange rate back down, with only the announcement of on the partial elimination of capped prices in the public utility bill holding back the fall.
The prospect of a downgrade of Hungary is one of the main reasons for the current fall. Although Standard & Poor's affirmed its foreign currency sovereign debt rating at BBB on Friday, it downgraded the outlook to negative from stable, meaning a downgrade could be in the cards at the next review.
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