Euro hits its lowest value against Greenback in 20 years | MENAFN.COM

Friday, 02 December 2022 04:06 GMT

Euro hits its lowest value against Greenback in 20 years


(MENAFN) The euro fell to a new 20-year low on Monday, dropping under 96 cents versus the US dollar ― the biggest drop in 20 years ― after the surge of a far-right side in Italy's election disturbed stockholder confidence.

The single currency, which came into physical circulation 20 years ago, fell to USD0.9550 versus the US dollar, before surging once more. It was selling at USD0.9639 at 10.14 AM UAE time.

The euro has been selling under or close to parity since mid-August due to a dramatic energy crisis in Europe compounding the impacts of rising inflation.

The currency has fell by over 15 percent in contradiction with the dollar in 2022.

Giorgia Meloni, who leads the far-right Fratelli d'Italia (Brothers of Italy) side, might become Italy's first ever female prime minister.

Ms Meloni has electioneered on an anti-European platform thus for her coming to lead would indicate the initial far-right-controlled administration since the Second World War 1939.

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