Euro could sink further against the dollar, IIF says – The National

Euro could sink further against the dollar, IIF says – The National

The euro is expected to continue its decline against the US dollar after plunging below parity, said the Institute of International Finance.

The single currency, which came into physical circulation in 2002, fell to below parity against the greenback on August 22 and to a low of $0.9910 the next day. It was trading at 0.9996 on Friday at 2.46pm UAE time.

The euro first fell to below parity in July and has continued to trade below or near parity for the past two weeks. It has dropped more than 12 per cent against the dollar this year, dragged down by historically high inflation and low consumer confidence.