The euro is down against the dollar amid mounting concern that Portugal will become the third European Union country to need a bailout and due to generally strong U.S. economic data. The euro, used by 17 EU member states, bought $1.2887 in early Monday trading, down from $1.2934 last week in New York. Markets don't expect much relief for the common currency, despite the European Central Bank's rate decision on Thursday.
Last week brought good news for the dollar, including data showing a dropping U.S. unemployment rate, the strongest indication of a recovering economy.
In other currencies, the British pound rose slightly to $1.5510, from $1.5548 late Friday, while the dollar bought 83.20 Japanese yen, from 83.03 yen.
Safe Harbor Statement:
Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.
Nothing in this article is, or should be construed as, investment advice.
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