The exchange rate was 1.12 when the year started and 1.02 in August beginning.
The euro hit the lowest level against the US dollar in two decades, trading at 0.99 yesterday. Earlier, the euro dropped to under parity with the greenback in July beginning and has dropped by close to 12.8 per cent versus the US dollar this year as economies were hit by peak inflation. The exchange rate has been sliding since May 2021, when it was at 1.22.
Yearly inflation stood at 8.9 per cent in July in the euro area compared to 8.6 per cent in June and 8.1 per cent in May, data from Eurostat, the European Union (EU) statistical office, show.
The euro’s weakness had a spillover effect on other markets as well, with the sterling falling against the greenback to 1.1730 this morning, before gaining some ground to 1.1772, global newswires reported. The British pound is down about 13 per cent against the dollar since the year began.
Fibre2Fashion News Desk (DS)