Dollar rises against major currencies

13:53, March 20, 2010      

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The dollar rose against major currencies on Friday as investors were worried whether the European Union would provide financial aid to Greece.

EU Economic and Monetary Affairs Commissioner Olli Reh called for concrete aid plan for Greece on Friday. He said that European leaders had to come to a specific political conclusion and clarify the way forward on a summit next week.

European Commission President Jose Manuel Barroso urged European aid for Greece on Friday, saying that the Commission is ready to propose an instrument for coordinated assistance to Greece.

"Such an instrument would be constituted by a system of coordinated bilateral loans and would be compatible with the no bailout clause and with strict conditionality," said Barroso in a statement.

Greece warned on Thursday that it would be forced to ask the International Monetary Fund (IMF) for help if European leaders fail to offer financial help next week.

Greece might not need money from the EU, but a clear aid plan would thwart speculation, Greek Prime Minister George Papandreou told the European Parliament.

The euro bought 1.3536 dollars in late New York trading compared with 1.3679 dollars it bought late Thursday. The pound fell to 1.5020 dollars from 1.5307 dollars.

The dollar rose to 1.0161 Canadian dollars from 1.0099 Canadian dollars, and rose to 1.0598 Swiss francs from 1.0573 Swiss francs. It rose to 90.49 Japanese yen from 90.39 Japanese yen.

Source: Xinhua
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