Hungarian forint suffers another record plunge – How long will this trend last?

On Thursday, the euro was above HUF 433 forints, while the dollar was HUF 448. The forint is at historic lows against all major currencies. Economists and traders also expect inflation to rise. They believe that the war is not the main triggering factor, but the roots of the issue can be found within the country’s borders

Another negative peak

The Hungarian forint has suffered another record plunge. One dollar was HUF 448 on Thursday morning, while the euro was above HUF 433, napi.hu reports.

The forint has been falling throughout the entire week. Each day marks another historic low and another negative record. Experts say further weakening of the forint could be on the way. The next days and weeks could bring new lows.

Read alsoHungarian forint suffers another record plunge – How long will this trend last?

“The forint continues to weaken. On Wednesday, the exchange rate rose for the seventh day in a row, the first time since September 2020. In fact, it is breaking a record high for the tenth time in the last 11 days. 433 is a psychological level, but there is no substantial resistance at such unprecedented highs. The distance from the 13-day moving average (420.7) is also becoming more significant, also suggesting at least a temporary halt. However, a trend reversal (below 420 levels) is unlikely,” Raiffeisen wrote.