- January 25, 2022
- Posted by: Stratford Team
- Category: Economy
* Hungary’s forint firm after unexpectedly bigger rate hike
* IMF lowers Brazil, Mexico economic growth forecasts
By Susan Mathew and Anisha Sircar
Jan 25 (Reuters) – Most emerging market currencies weakened
on Tuesday as the Ukraine crisis and anxiety around U.S.
monetary policy sent investors fleeing to the safety of the
dollar, while Hungary’s forint rallied after a
larger-than-expected interest rate hike.
Russia’s volatile rouble was flat at 79 per dollar,
staying near 14-month lows.
As the West reinforces troops in Eastern Europe and readies
sanctions in case of a Russian invasion of its neighbor, the
rouble has lost more than 5% this month.
Hungary’s forint gave up session losses to rise
0.4% against the euro after the country’s central bank raised
its base rate by 50 basis points to 2.9%, the highest in eight
years, to fight inflation which is forecast to be at its highest
level in a decade this year.