Hungarian Forint Falls to Record Low

Hungary's local currency "forint" fell on Thursday to a record low against the euro, continuing the downward trend.

The strong losses in the Hungarian forint come amid global trade tensions, no-deal Brexit negotiations and slow economic growth across Europe.

The decline in the value of the Hungarian currency came two days after the country's central bank "Magyar Nemzeti Bank" (MNB) stabilized interest rates.

Hungarian policymakers are still taking a tough approach at a time of easing monetary policy among other major central banks.

The MNB has stabilized its interest rate at 0.9 percent since May 2016, after cutting interest rates by only 15 basis points.

Meantime, the currency has come under pressure as the MNB is not in favor of raising interest rates.

Nonetheless, Hungary's economy grew faster than other EU members in the second quarter of this year. According to preliminary estimates, Hungary's Gross Domestic Product (GDP) increased to reach 4.9 percent.

At the end of today's trading, the forint fell against the European currency by more than 0.3 percent to record 331.31 ft.

Earlier in the session, Hungary's currency hit 331.85 ft. per euro, the lowest level ever.

During the same period, the Hungarian currency fell 0.6 percent against the US dollar to record 299,800 ft.

Finally, the forint has recorded losses of about 2.86 percent and 6.44 percent this year against the euro and the US dollar, respectively.