The euro continued its downfall on Tuesday, hitting the lowest level against the dollar since 2002. The decline came amid soaring gas prices and increased fears of a recession.

Shortly after hitting a 20-year low of 1.02804, the euro slid 1.16% against the greenback to go for 1.03017 at 12:46 pm CET.

The joint European currency also slid to a 7-year low compared to the Swiss franc, dropping 0.94% to go for 0.99251 at 12:24 pm CET. The euro was down 0.58% against the pound, changing hands for 0.85596 at 12:50 pm CET.