New Delhi: The euro has hit parity with the US dollar for the first time since December 2002 as the euro-dollar pair traded below 1 on Tuesday, according to Forex Capital Markets. EUR/USD hits fresh 20-year low below 1.0300 on growing recession fears. EUR/USD is accelerating its decline below 1.0300, hitting the lowest level since November 2002.
As of 12:46 pm Moscow time, the euro-dollar pair traded at 0.9999. As of 1:45 pm, the EUR/USD was up at 1.0013.
Meanwhile, the dollar exchange rate was down by 0.49% against the ruble at 58.61 rubles on Moscow Exchange, while the euro was down by 1.45% at 58.37 rubles.
Forex Capital Markets (FXCM) is a retail foreign exchange broker for trading on the foreign exchange market. Forex Capital Markets allows people to speculate on the foreign exchange market and provides trading in contracts for differences in major indices and commodities such as gold and crude oil. It is based in London.
It is decentralized in the sense that no one single authority, such as an international agency or government, controls it. The major players in the market are governments (usually through their central banks) and commercial banks. Around the world, FXCM offices provide Forex, Cryptocurrency Trading, and CFD trading services.
(Vinayak)
