Forint hits new low against the euro as exchange rate surges past 413

On Wednesday afternoon, the Hungarian forint hit a new low, with the euro exchange rate surpassing 413 EUR/HUF. The currency’s value plummeted to 413.4 before settling slightly at 412.9 by 5 PM. This marks a new milestone, breaking the two-year low set earlier in the week when one euro cost HUF 412.5.

The decline comes amid a drop in European stock markets triggered by a further dip in Germany’s consumer confidence index, Portfolio reports. While the U.S. dollar weakened, economic challenges in Europe heavily impacted the forint, pushing it to this unprecedented level.

The Hungarian currency also showed significant losses against the Polish zloty, reflecting Hungary’s widening economic gap within the region.

Read also:

• Hungarian currency hits new 2-year low against the euro, attempts to recover
• Depreciation uncovered: Why has the Hungarian forint weakened so much in recent years?

Featured image: depositphotos.com

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