Euro rises against dollar on IMF funding

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Euro rises against dollar on IMF funding

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Euro rose against dollar after IMF said it is seeking more funding to help indebted countries.

19 January,2012 02:47 am

The IMF is proposing to increase its lending resources by $500 billion to meet an estimated $1 trillion of lending needs in the coming years. The loans would mostly help the 17 countries that use the euro.The funds could be able to help stop Europes debt crisis from spreading to larger economies such as Spain or Italy.The euro rose to $1.2841 in late trading Wednesday from $1.2722 late Tuesday.The dollar also weakened against most other currencies Wednesday.The British pound rose to $1.5427 from $1.5327. The dollar fell to 76.80 Japanese yen from 76.82, to 0.9406 Swiss franc from 0.9506 and to 1.0126 Canadian dollar from 1.0159.The US currency also fell against the Australian and New Zealand dollar, the Norwegian krone, the Hong Kong dollar and the Brazilian real.