Euro rises as Cyprus banks reopen

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Associated Press

Posted on March 28, 2013 at 2:01 PM

Updated Thursday, Mar 28 at 2:02 PM

NEW YORK (AP) — The euro is rising against the dollar as banks in Cyprus reopened for the first time in nearly two weeks.

The euro rose to $1.2822 in afternoon trading from $1.2774 late Wednesday.

As part of a bailout deal, Cyprus agreed over the weekend to seize funds from big depositors. Banks have been closed to avoid a rush of withdrawals. Investors were pleased to see that there were no signs of panic at Cypriot banks Thursday. The country has limited how much money depositors can withdraw or transfer to international banks.

In other trading, the British pound rose to $1.5167 from $1.5130.

The dollar fell to 94.06 Japanese yen from 94.38 Japanese yen and to 0.9484 Swiss franc from 0.9537 Swiss franc.

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