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The common currency of the European Union plunged to its lowest value in 90 days as a consequence of political upheaval in the euro zone after voters cast their ballots during a handful of national elections, published reports indicate.

The elections were viewed as the voters' opportunity to grade national leaders who tackled the damaging tendencies of the sovereign debt crisis with austerity measures, according to The Associated Press. Socialist Francois Hollande forced out incumbent Nicolas Sarkozy in France, the euro zone's second-largest economy. Greek voters abandoned the nation's two primary political parties to align with anti-bailout factions. The northernmost state of Germany, host of the largest economy in the euro zone, pushed out the party of German chancellor Angela Merkel in a state election.

"Very few nations can stand austerity," Asian multi- asset strategy head Khiem Do with Baring Asset Management Asia of Hong Kong told Bloomberg. "The euro has to fall a lot more in order to cushion the austerity programs."

The world's reserve currency and the Japanese yen gained against the majority of their rival monetary units.

Three additional European countries - Italy, Armenia and Serbia - also held elections considered to be litmus tests of the voting public's attitudes toward the European Union.

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