Euro rises as Cyprus banks reopen

Updated: 03/28/2013 4:09 PM KSTP.com

(AP) NEW YORK - The euro rose against the dollar Thursday as banks in Cyprus reopened for the first time in nearly two weeks.

The euro rose to $1.2822 in late trading Thursday 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 banks in Cyprus Thursday. The country has limited how much money depositors can withdraw or transfer to international banks.

In other trading, the British pound rose to $1.5189 from $1.5130.

The dollar fell to 94.13 Japanese yen from 94.38 Japanese yen and to 0.9490 Swiss franc from 0.9537 Swiss franc.

The dollar rose to 1.0165 Canadian dollars from 1.0163 Canadian dollars.

(Copyright 2013 by The Associated Press. All Rights Reserved.)