Euro Hits Lowest Level in 5 Years Amid Concerns Over Russia's Gas Supply Halt

[Asia Economy Reporter Minyoung Kim] The value of the euro has fallen to its lowest level in five years due to concerns over Russia's gas supply suspension and economic slowdown.

On the 27th (local time), according to Reuters and AFP, the euro's exchange rate against the US dollar dropped to $1.0588, the lowest level since April 2017.

The euro's value has fallen by more than 4% this month alone.

Reuters cited uncertainties related to the Ukraine war and China's COVID-19 lockdowns as the background for the euro's weakness.

In particular, Russia's announcement to cut gas supplies to Poland and Bulgaria has heightened energy security concerns in Europe.

This content was produced with the assistance of AI translation services.