AP News

Euro rises on hopes Cyprus for bailout plan


NEW YORK (AP) — Hopes that Cyprus will approve a new bailout package and avoid bankruptcy are pushing the euro higher against the dollar.

The euro rose to $1.2986 in afternoon trading from $1.2922 late Thursday.

Cypriot lawmakers are expected to vote Friday on new measures they hope will qualify the country for a bailout package. Cyprus needs to raise $7.5 billion to get $12.9 billion in rescue loans from its European neighbors and the International Monetary Fund.

The British pound rose to $1.5236 from $1.5179.

The dollar fell to 94.48 Japanese yen from 94.92 Japanese yen and to 0.9406 Swiss franc from 0.9460 Swiss franc.


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