Forint Drops After Hungarian Central Bank Deputy Virag Quits

The forint fell by the most in more than six weeks after Hungarian central bank Deputy Governor Barnabas Virag quit, cutting short his six-year mandate that was due to end next year.

The forint fell as much as 0.8% against the euro, the biggest drop since Oct. 7, before paring losses. It traded 0.3% weaker at 383.57 per euro by 9:49 a.m. in Budapest. The currency had been on a tear of late, reaching a 22-month high this week after the central bank kept its key rate at 6.5%, tied for the highest level in the European Union.