TOKYO: The euro held steady Monday after it rallied on news of a last-minute deal to extend Greece's bailout, giving Athens a critical lifeline to pay its bills and avoid a damaging default.
The common European currency was slightly higher at $1.1387 and 135.55 yen, from $1.1381 and 135.51 yen on Friday in New York where it got a boost from the conditional debt deal.
The dollar barely budged at 119.04 yen against 119.03 yen in US trade.
On Friday, Greece received a four-month debt bailout extension, easing worries over its future in the eurozone.
But European finance ministers gave Athens until late Monday to present proposals that would convince its creditors to sign off on the extension.
On Sunday, Athens was racing to finalise reform proposals required under the fresh agreement.
Greece's bailout programme expires at the end of the month. Without an extension, Athens could run out of money and be forced out of the single-currency bloc.
"The Tokyo market has largely taken over the euro-buying sentiment following the agreement," said Daisuke Karakama, a market economist in Mizuho Bank's forex unit.
"But problems have yet to be resolved completely. First, we want to see details of reform plans to be submitted by Greece on Monday."
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