Euro rises on hopes Cyprus for bailout plan

Euro rises against dollar on hopes Cyprus will approve measures needed for bailout

Associated Press

NEW YORK (AP) -- Hopes that Cyprus will approve measures that will pave the way for a new bailout package and help the country avoid bankruptcy pushed the euro higher against the dollar Friday.

The euro rose to $1.2983 in late trading Friday 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 the other 16 countries that use the euro and the International Monetary Fund.

Cyprus risks going bankrupt and may have to leave the euro currency union if it doesn't come up with funds by next week.

In other trading, the British pound rose to $1.5236 from $1.5179.

The dollar fell to 94.48 Japanese yen from 94.92 Japanese yen, to 0.9406 Swiss franc from 0.9460 Swiss franc and to 1.0227 Canadian dollar from 1.0239 Canadian dollar.

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