Milan

Euro drops below $1.21 for first time since 2010

Currency opens under June benchmark

Euro drops below $1.21 for first time since 2010

(ANSA) - Milan, July 23 - For the first time since June 2010 the euro dropped below the $1.21 psychological benchmark as markets opened on Monday. According to a July report by the European Central Bank, despite the sovereign-debt crisis in the eurozone, the euro has been "relatively resilient in 2011," accounting for about a quarter of global foreign exchange reserves. The U.S. dollar's role as the world's No. 1 reserve currency remained stable last year, the ECB report found. Still, the greenback saw its share in global reserves fall slightly to 62.1%, down from 62.2% at the end of 2011. Compared to the Japanese yen, one euro was worth 94.49 yen against 95.86 last Friday.

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