The Hungarian Forint dropped against the U.S. dollar in the European session on Tuesday, after Hungary's central bank held its key interest rate steady at a record low for a thirteenth consecutive month as inflation remains well below the bank's 3 percent target.

The Monetary Council of the Magyar Nemzeti Bank left the base rate unchanged at 0.90 percent, in line with economists' expectations.

The overnight deposit and the one-week lending rates were unchanged at -0.05 percent and 0.90 percent, respectively.

The Hungarian Forint dropped to 277.14 against the greenback, its weakest since May 30. If the Forint falls further, 279.00 is likely seen as its next support level.

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