The euro dropped to its lowest level in 20 years on Monday after a Russian gas company said it would shut off its main pipeline because of so-called maintenance issues.
The euro, which once was valued at $1.60, dropped to 98.8 cents on Monday.
The Nord Stream 1 pipeline shutdown will likely create energy shortages that hurt Western European economies. Gazprom, which operates the pipeline, said the shutdown would be indefinite because of a turbine malfunction.
The amount of gas flowing through the pipeline has dropped since Russia invaded Ukraine in late February, leading to heightened tensions in Europe.
Russia had earlier slashed the flow of natural gas through Nord Stream 1, which runs into Germany, to just 20% of capacity. That move has led to skyrocketing prices of natural gas and electricity.
The value of the British pound fell to about $1.15 on top of the energy news and the announcement that Liz Truss would be the next prime minister.
Nineteen countries use the euro as their currency.
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