Bloomberg News

Forint Weakens Most in Three Weeks, Extending Monthly Decline

March 29, 2012

The forint depreciated the most in more than three weeks against the euro, extending its monthly decline.

The forint weakened 1.1 percent to 296.2 per euro by 5:04 p.m. in Budapest, the biggest slump on a closing basis since March 5 and heading for a 2.7 percent slump in March.

European stocks fell for a third day as Standard & Poor’s said Greece may have to restructure its debt again and lower- than-forecast profits fueled concern China’s growth is slowing.

“It’s simply a risk-off mode on European Union concerns, and as usual we are the black sheep in the region,” Akos Ruzsonyi, a Budapest-based currency trader at Commerzbank AG, wrote in an e-mailed response to questions from Bloomberg today.

Hungarian assets have weakened in the past month on concern the country’s talks on a bailout from the International Monetary Fund and the European Union will face further delays.

To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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