The Hungarian Forint lost ground against the U.S. dollar in early New York deals on Tuesday, after Hungary's central bank slashed its key interest rate unexpectedly, as it expects inflation to remain subdued in the coming months.

The Monetary Council of the Magyar Nemzeti Bank cut the base rate by 15 basis points to 1.20 percent, effective March 23.

Economists had expected the bank to leave the rate unchanged.

The Hungarian Forint that closed yesterday's trading at 276.26 against the greenback dipped to a 5-day low of 278.90. The Forint may find support around the 280.00 zone.

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