The Hungarian Forint drifted lower against the U.S. dollar in New York deals on Tuesday, after Hungary's central bank held its key interest rate steady at a record low for a fifth straight month, while lowering the lending rate.

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

The overnight deposit rate, which was cut to negative in March, was left unchanged at -0.05 percent.

The lending rate was cut by 10 basis points to 1.05 percent.

The Hungarian Forint that closed Monday's trading at 283.56 against the greenback declined to a 3-month low of 284.43. The next possible support for the Hungarian currency is seen around the 287.00 mark.

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