Rangers are all-but out of the Europa League after unbeaten Ferencvaros came from behind in Budapest to inflict a fifth defeat in six matches on the Ibrox outfit.

Bojan Miovski gave Danny Rohl's side a lead against the run of play with a spectacular acrobatic volley.

But Rangers were unable to hold on to their slim advantage until half-time as Bence Otvos found the bottom corner via a deflection to level for Robbie Keane's side.

The Hungarian hosts squandered several chances to go in front - with striker Bamidele Yusuf particularly profligate - but eventually their dominance told as Barnabas Varga nodded in Callum O'Dowda's cross on 72 minutes.

Findlay Curtis almost snatched a point for Rangers late on, but was denied by a fine save from home goalkeeper David Grof.

Rohl's side - still without a win in the competition - must now beat both Ludogorets and Porto in their final two league-stage matches and hope for results elsewhere to fall in their favour.

Even then, seven points is highly unlikely to be enough with 22 sides already on at least eight.

Rangers' uptake in form in the past month has been built on an improvement at the back, despite centre-back pairing Nasser Djiga and Emmanuel Fernandez looking vulnerable.

However, their defence was pulled apart for both Ferencvaros goals.

Otvos was all alone inside the box for the equaliser and Varga's winner - while impressive from a Ferencvaros point of view - was incredibly poor defensively.

O'Dowda had all the time in the world to swing in his cross from the left and Varga drifted in front of Fernandez to plant his header past Jack Butland.

Fernandez standing with his hands on his head as the hosts celebrated summed it up.

It wasn't much better at the other end.

Much has been made of Rangers' problems in forward areas, with big-money signing Youssef Chermiti having scored just once in 16 appearances and Danilo never nailing down a spot since signing from Feyenoord in 2023.

However, Bojan Miovski - a proven goal scorer in Scotland - netted twice against Kilmarnock last weekend and took his goal superbly in Hungary, reacting fastest to Danilo's deflected shot to hook a bicycle kick past former Hibs keeper Grof.

Still, that was Rangers' first shot on target as they struggled to carve out chances.

The way Miovski limped off in the second half will worry Rohl as will the total anonymity of replacement Chermiti.

The former Everton striker, signed for a reported fee of £8m, touched the ball just six times in around 30 minutes on the pitch.

He is yet to show anything close to justifying that hefty transfer fee.

Rangers head coach Danny Rohl: "Honestly, I'm very angry about our conceded goals. This is the disappointment for me. We played a solid first half, go in the lead - exactly what you want. Go in with a lead and they have to open more and more. Then the first conceded goal.

"For the second game in the row in this competition, I see a team who is competitive and a team in a process forward, but I see a team, especially in this competition, destroy the hard work in two, three situations.

"To take something you have to be sharp for 90 minutes, 95 minutes in every duel. The chance was on today to win this game.

"I am angry about two or three mistakes, this is hard to take. From tomorrow we have to focus on big games in the league.

"What happens in the next two games is not a topic for me today. We will see what happens in this competition."

Rangers host Hibernian in the Scottish Premiership on Monday (19:45 GMT) and return to European action in January.

They host Ludogorets on January 22, then visit Porto a week later.