Euro drops to 20-year low, falling below a dollar

The euro hit a 20-year low Monday after Russia said it Nord Stream 1 gas pipeline would remain shut indefinitely, citing the need for repairs. Russia made an announcement on Friday, hours after the Group of Seven economic powers agreed on a plan to implement a price cap on Russian oil.

The European Union currency dropped as much as 7% to 98.8 cents, reaching its lowest level since 2002. The euro has been weakening against the dollar since the start of the year hit by uncertainties related to the war in Ukraine. 

Złoty has also lost a few groszy against the dollar at nearly PLN 4.77, and the Swiss franc at around PLN 4.86.

(Gazeta.pl)