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