Euro tries to recover after tumbling on Russian invasion of Ukraine

A picture illustration of U.S. dollar, Swiss Franc, British pound and Euro bank notes, taken in Warsaw January 26, 2011. REUTERS/Kacper Pempel

HONG KONG, Feb 25 (Reuters) – The euro was struggling to recover from its plunge the previous day in early Asia trading on Friday, after Russia’s invasion of Ukraine had hit the common European currency and sent investors scrambling to the safety of the dollar, yen and Swiss franc.

Russia’s rouble also tumbled overnight, falling to a record low of 89.986 per dollar, before recovering a little.

The euro was last at $1.1196 having touched as low as $1.1106 on Thursday, its lowest since May 2020, plunging from the $1.13045 at which it had finished on Wednesday.

Sterling and the risk-friendly Australian dollar also were hammered while the U.S. dollar in turn lost ground on the yen…