Frankfurt - The euro has fallen in
value against most major currencies in recent months as volatility on
the foreign exchange markets has increased in the debt crisis, the
European Central Bank (ECB) said on Thursday.
"Between the end of April and
early August 2012, the effective exchange rate of the euro
depreciated overall amid a renewed increase in volatility," the
ECB wrote in its regular monthly bulletin.
"On August 1, the nominal
effective exchange rate of the euro, as measured against the
currencies of 20 of the euro area's most important trading partners,
stood 4.4% below its level at the end of April 2012 and 8.2% below
its average level in 2011," the ECB said.
Between April 30 and August 1, the euro
lost 6.9% against the US dollar, 9.1% against the Japanese yen and
3.1% against the pound sterling, it said.
Over the same period, the euro fell
2.2% against the Hungarian forint and 1.6% against the Polish zloty.
By contrast, it rose 4.2% against the Romanian leu and by 2% versus
the Czech koruna, the report said.
"Market volatility increased
throughout May from the relatively low levels reached at the end of
April but declined during June and has stabilised around historical
averages since July," the ECB said.
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