The Hungarian currency, the forint fell to an all-time low value against the euro as the exchange rate exceeded HUF 400 for one euro. The Hungarian currency also sank to a historic low against the US dollar on Monday. Analysts expect further deterioration in the value of the forint.
"On Friday, the euro/forint exchange rate again came close to breaking the HUF 400 level, but there was positive press news that an agreement between the European Union and the Hungarian government on EU subsidies could be getting closer. However, the Hungarian currency has not been able to strengthen much and there have been no concrete developments on EU funds, so the euro is still trading around 399 this morning, which is not helped by the negative international sentiment," an expert at KBC Equities is quoted on the business news site napi.hu.
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