Euro falls against dollar after Greek bailout rally

TOKYO: The euro eased against the dollar in Asia Wednesday as enthusiasm over the eurozone agreement on a Greek rescue faded due to concerns more must be done to get the country back on track.

The single currency changed hands at $1.3233 and 105.71 yen in Tokyo afternoon trade, compared with $1.3238 and 105.50 yen in New York late Tuesday.

The dollar edged up to 79.89 yen from 79.69 yen.

On Tuesday, the European single currency jumped more than a US cent within minutes of the announcement of a deal approving a 237-billion-euro rescue for Greece, before it eased back throughout the day.

Analysts warned the nation's economy remains in a parlous state and Athens faces a giant task in sticking to tough reforms over the coming years.

"Investors will pay attention to the G20 finance ministers' meeting in Mexico" this weekend, said Masafumi Yamamoto, currency analyst at Barclays Capital.

"But expectations are low that the meeting will come up with some positive headlines" after the Mexican and Japanese finance ministers said a deal on specific amounts to support the eurozone was unlikely, he said.

Japanese finance minister Jun Azumi said Tuesday that the G20 was not yet ready to agree on providing more funds to the International Monetary Fund to fight Europe's debt crisis.

He said this weekend's meeting would give the group a chance to "examine progress in the European situation".

The dollar was mixed against other Asian currencies, rising to 1,126.00 South Korean won from 1,123.40 won, to 42.82 Philippine pesos from 42.66 pesos, and to Sg$1.2586 from Sg$1.2536.

It was flat at 9,045.00 Indonesian rupiah and at Tw$29.56, but slipped to 30.67 Thai baht from 30.75.