Markets

Euro drops to 4-month low versus dollar

Published March 27, 2013 Updated March 27, 2013 08:58am

1 min

By Shoaib Ur Rehman

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LONDON: The euro fell to a four-month low against the dollar on Wednesday as hedge funds sold on growing concerns that private investors would be burdened with hefty losses from future euro zone bailouts.

Those worries have mounted after a weekend deal to bailout Cyprus.

The euro fell past reported option barriers at $1.2825 to drop to its lowest in four months at $1.28175, down 0.3 percent on the day. Asian bids are cited at $1.2800, traders said.

So far this year, the euro has shed nearly 3 percent against the dollar as the euro zone debt crisis returned to investors' radar.

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