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Euro tumbles as ECB slashes rates

London - The euro slumped on Thursday to a 13-month low point against the dollar after the European Central Bank unexpectedly cut its key interest rate to a record low of 0.05 percent.

At about 13:45 SA time, the single currency dived to $1.3037 (R13.88) - the lowest level since mid-July 2013 - after the ECB cut its key rate from the previous level of 0.15 percent.

Euro notes are pictured in this file photo by Picture: Lee Jae Won / Reuters. Credit: REUTERS

The euro had stood at $1.3142 at 12:45 SA time. - Sapa-AFP

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