The price of the euro crossed the psychological limit of 400 forints again on Monday afternoon.
It happened a few days after the outbreak of the Russo-Ukrainian war, there was an example on March 7th, but within a few hours the market corrected and returned below 390. After reaching the current level of 400, the euro rose to HuF 400.36. In March, after the panic was over and the MNB intervened, the forint strengthened again to around 370, which was already the norm, by the middle of the month, and it was able to maintain this position until mid-April. However, due to the results of the elections and the protracted war, the Hungarian currency slowly started to weaken again later. Then, on May 25th, the government’s announcement of an extra profit tax sent the forint to the floor, then one euro became 10 forints more expensive in one day. Although this was later partially corrected by the market, the exchange rate has remained hovering around 390 in recent days.
This changed on Friday, when around 10 o’clock the exchange rate suddenly jumped again, and in the afternoon it approached the psychological limit of HuF 400. Over the weekend, the exchange rate ranged from somewhere between 395 and 399, finally hitting the round 400 on Monday afternoon.
At the same time, the dollar strengthened above 382 forints.