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Euro slides to weakest level against dollar since 2003

January 16, 2015, 22:37 UTC+3 MOSCOW

The euro dipped 1.1% against the dollar to $1.1495

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© Sergei Bobylev / TASS

MOSCOW, January 16. /TASS/. The euro dipped 1.1% against the dollar to $1.1495, its weakest level since 2003.

The euro has extended its losses against other world currencies since Thursday when the Swiss National Bank abandoned its 1,2 francs to the euro limit, introduced in 2011.

Right after the unexpected decision was announced the euro tumbled 30% against the Swiss franc, and dropped to a fresh eleven-year low against the dollar to $1.1580.

The Swiss Central Bank explained the euro cap abandonment by growing diversity in monetary policy pursued by the countries with key global currencies. As a result, the euro took a substantial tumble against the dollars, which in its turn caused the dollar gaining grounds against the Swiss franc.

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