Forint Strengthens As Hungarian Central Bank Hikes Rate By 25 Bps To 6%
24 Enero 2011 - 7:17AM
RTTF2
The Hungarian forint that traded lower against the US dollar in
the previous session edged slightly higher after the nation's
Central Bank decided to raise interest rates by 25 basis
points.
The Hungarian forint is presently quoted at 202.23, up from
previous low of 203.52 hit around 6:45 am ET. If the forint
strengthens further, it may challenge its Asian session high of
200.50 and a move above this level could set its strongest mark in
more than two months.
As widely expected, Hungary's central bank raised its benchmark
interest rate by 25 basis points to 6 percent and the new rate will
be effective from January 25. The central bank resumed the rate
hike in November after holding it steady for six meetings.
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