For the first time in 20 years, the exchange rate between the euro and the US dollar has reached parity, and the two currencies are worth the same
New York For the first time in 20 years, the exchange rate between the euro and the US dollar has reached parity -- meaning the two currencies are worth the same.
The euro hit $1 on Tuesday, down about 12% since the start of the year. Fears of recession on the continent abound, stoked by high inflation and energy supply uncertainty caused by Russia's invasion of Ukraine. The European Union, which received roughly 40% of its gas through Russian pipelines before the war, is attempting to reduce its dependence on Russian oil and gas.
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