Business & Economy

Euro hits dollar parity for 1st time since 2002

Frankfurt, Germany, Jul 12 (EFE).- The euro has fallen to hit parity with the US dollar for the first time in 20 years, according to market data.

The euro slid 0.4% at 9.46 am GMT to match the value of the dollar for the first time since July 15, 2002, according to Bloomberg data consulted by Efe. The eurozone currency has shed 12.5% of its value so far this year.

Recent interest rate hikes by the United States Federal Reserve have strengthened the dollar while the Russian invasion of Ukraine, the threat of fuel shortages and a potential recession have weighed on and weakened the euro.

The Japanese yen also continued to weaken against the US currency, trading at nearly 137 per dollar, its lowest level since September 1998. EFE


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