Euro dips below $1 for first time since end-2002

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LONDON: The euro fell below the symbolic level of $1.00 on Wednesday for the first time since December 2002, weighed down by darkening economic outlook for the single currency area and a possibility of a complete stoppage in Russian gas supplies.
The euro was pushed down to $0.9998 after official data showed a surge in US inflation in June, fuelling expectations for a further tightening of interest rates by the US Federal Reserve.
An increase in borrowing costs on the other side of the Atlantic makes the dollar more attractive to investors.



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