Forint Off 5-day High Against Dollar As Hungarian Central Bank Trims Rate By 25 Bps
March 29 2010 - 7:27AM
RTTF2
The Hungarian forint that rose to a 5-day high of 196.09 against
the US dollar at 4:00 am ET reversed its direction thereafter and
hit as low as 197.69 around 8:00 am following the Hungarian central
bank's decision to slash its key policy rate by 25 basis points.
The dollar-forint pair, which finished Friday's trading at 197.83,
is presently quoted at 197.32.
The Monetary Council of the Magyar Nemzeti Bank cut its base
rate to 5.5% from 5.75%, with effect from March 30. The rate cut
came in line with economists expectations. In February, the central
bank had reduced the interest rate by 25 basis points from 6%.
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