The euro exchange rate has stabilized

The euro, which came close to a record low against the US dollar on Monday, stabilized on Tuesday in anticipation of possible interventions by central banks to support the single European currency.

According to Bloomberg, on Tuesday in Asian currency trading the price of the euro fluctuates around 84.91 cents, while on Monday its rate dropped to 84.58 cents. This is the lowest rate since September 20, when G7 central banks and the European Central Bank intervened to support the euro after its quotes hit an all-time low of 84.58 cents.

On Monday, the impetus for the weakening of the euro was the statement by the head of the European Central Bank, Wim Duisenberg, that central banks do not intend to interfere in the development of the market situation while the crisis in the Middle East continues. However, a little later, French Finance Minister Laurent Fabius made it clear that intervention to support the euro was possible. Since the beginning of 1999, when the single European currency was introduced into circulation, the euro has fallen in price against the dollar by 38%, and against the yen by 45%.