Forint down on interbank market

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The forint was trading at 306.92 to the euro late Monday on the interbank forex market, down from 305.82 late Friday and 305.84 late Sunday. At 305.83 to the euro early Monday, the forint moved between 305.62 and 307.27. The Hungarian currency fell back in a resurgence of global risk avoidance.

Secondary market yield of 10-year Hungarian sovereigns fell on local buying of forint holders, but as it dropped more steeply than that of either the Bund or the US 10-year note, its risk premium narrowed for non-residents, also hitting the forint.

Local worries for next year's budget which is expected to be based partly on effects of banks' refunds to clients also weighed.

The forint traded at 240.21 to the dollar, down from 239.62 late Friday and 239.91 late Sunday. On Monday, it moved between 239.46 and 240.64. It was quoted at 254.37 to the Swiss franc, down from 253.12 late Friday and 253.27 late Sunday. Its range on Monday was 253.14 to 254.72.

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