The euro hit the lowest level against the US dollar in two decades

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.

The exchange rate was 1.12 when the year started and 1.02 in August beginning.