On Monday, the euro hit a 20-year low after Russia said it would shut off its main gas pipeline to Europe, citing ‘maintenance issues’. The European currency dropped as much as 7% to 98.8 cents, reaching its lowest level since 2002.
The euro was worth $1.19 when it launched on January 1, 1999, and peaked at $1.60 in 2008. Its record low came in October 2020 when it fell to 83 cents, as the global economy was greatly affected by the pandemic.
On Friday, Russian state-owned Gazprom said it would switch off its Nord Stream 1 pipeline indefinitely. The pipeline supplies much of Western Europe with natural gas, and experts warn that energy shortages will hurt Europe's economy and put more pressure on the euro.