Euro is one of the major currencies in this world. It is the official currency of 17 European countries. These 17 European countries comprise the Eurozone and include some powerful economic countries of the world such as France, Germany and Italy. It also happens to be one of the most traded currencies of the world, second only to the US dollar. In fact, Euros have surpassed USD in terms of circulation in the form of banknotes and coins. The Euro has always been pegged above the currency US dollars in theForex markets barring a small period in 2002, when it was undergoing a serious crisis.

Euro Was Introduced In 1999

Euro became a symbol of unity across the continent of Europe and bought a great amount of cheer to the people of Europe with pride and hope for the future. However, within a period of 12 years, all these hopes have been dashed and the great currency experiment called Euro is being termedas a failure by monetary experts around the world.Keeping the crisis aside theEuros is a powerful currency in this world and today there are many investors from non-European countries who possess Euros and have held on to it knowing its future potential .

Euro Has Managed To Fight Back Despite All Ups And Downs

However, despite all the ups and downs and the recent financial crisis in European countries like Greece, Portugal and Spain, Euro continues to dominate currency markets around the world, where it isbeing used and traded by more than 320 million people in Europe. There are an additional 150 million people in North Africa, who are making use of Euros as their currencies are pegged with this currency. You have to keep track of the current rate of Euro whether you are a businessman or a tourist travelling to any of the European countries using Euro as their currency. No matter which part of the world you come from, you needto convert your currency into Euros to be able to travel across Europe and also to do any business with companies based in European countries.

The current exchange rate of Euro with US dollar is 1.33, which means that 1 Euro can fetch 1.33 USD. On the other hand, an American tourist entering Eurozone finds that every dollar in his wallet has shrunk and can convert into only 0.75 Euros. Knowing the current exchange rate of Euro is important for any person entering Europe as he will be asked to produce the local currency for every financial transaction that he makes.

However, it is prudent to not go overboard and convert all the currency into Euros as all money unspent has to be converted back into his own currency when he is scheduled to return to his own country. This happens because financial institutions charge commission for converting any currency into Euros and then again if an individual wants to convert his Euros into his own currency. Exchange rates of all currencies keep fluctuating all the time and it is prudent to wait for the time when one’s own currency is in a stronger position in comparison to Euro to profit from the exchange rates.

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