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Euro falls below parity vs dollar for first time in two decades
The euro plunged to $0.9998 against the greenback
Reuters
The dollar surged to a 20-year high against a basket of currencies and the euro broke below parity against the greenback after data on Wednesday showed US consumer price inflation surged to a 40-1/2-year high in June.
The consumer price index increased 1.3% last month as gasoline and food costs remained elevated, more than the 1.1% expected by economists polled by Reuters.
"This morning's number is staggeringly high. It's higher than expected and shows that inflation is going quickly in the wrong direction," said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance.
The euro plunged to $0.9998 against the greenback, breaking below the $1 level for the first time since Dec. 2002, before bouncing back to last trade at $1.0024.
The dollar index reached 108.59, the highest since Oct. 2002, from around 107.9 before the data released.
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In the previous session, the rupee had closed at 79.06 against the US dollar
Spot gold was up 0.3 per cent at $1,777.20 per ounce
It opened at 79.16 against the US dollar and touched 79.11 in initial deals
Spot gold was trading at $1,760.13 per ounce as of 9.10 am UAE time, down 0.15 per cent
Higher oil prices, month-end importer demand and global recession fears could restrict the gains for the rupee
Spot gold was up 0.2 per cent at $1,736.89 per ounce in early trade
The US central bank is widely expected to raise interest rates by another 75 basis points