Euro rises on Spain bailout hopes

AP News
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Posted: Sep 21, 2012 12:46 PM

NEW YORK (AP) — The euro is rising against the dollar on hopes that Spain is getting closer to asking for financial aid from Europe's bailout fund.

Speculation is rising that Spain is negotiating with its partners in the euro zone on a new economic reform program. The reform would help the country make a formal request for aid.

The euro rose to $1.2987 in afternoon trading from $1.2967 late Thursday.

The British pound rose to $1.6239 from $1.6211.

The dollar fell to 78.17 Japanese yen from 78.26 Japanese yen, to 0.9326 Swiss franc from 0.9330 Swiss franc and to 97.56 Canadian cents from 97.66 Canadian cents.