Euro dips below parity against dollar for first time since 2002

Single currency tanked to low of $0.9998 as Ukraine war and high gas prices fuel concern of recession

The euro dipped below parity against the dollar on Wednesday for the first time in almost two decades, as growing concern about rising recession risks in the eurozone continued to batter the currency.

The European single currency started this year on a strong note, given a post-pandemic economic recovery. But Russia's invasion of Ukraine, surging European gas prices and fears that Moscow could cut off supplies further has raised the spectre of recession and hurt the euro.