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Euro plunges to a five-year low in Azerbaijan

22 October 2008 12:38 (UTC +04:00)

Euro fluctuated in the range of 1.15 and 1.32 manat during this period.

The annual trend of the European single currency was as below:

2003

2004

2005

2006

2007

2008
(Up to now)

Euro/manat
Exchange rate change

+21.2%

+8.02%

-18.6%

+4.1%

+9.9%

-16.3%

The euro skidded to a five-year low against the manat against the backdrop of the global market trends. Domestic factors are too tiny to influence the euro exchange rate.
In the global market, the euro declined to a 19-month low against the dollar Tuesday on rising hopes that the US economy may pull out of its tailspin in the global financial turmoil.
The euro traded at 1.3073 dollars around 2100 GMT, down sharply from 1.3343 dollars late Monday.
The European single currency earlier sank as low as 1.3092 dollars -- a level last seen on March 9, 2007.
A gloomy economic outlook for Europe, where several countries are forecast to enter recession, also weighed on the euro.