LONDON (AFP) — The dollar fell against the euro and rose versus the yen in European trading on Monday after the latest banking-sector bailouts and news that world leaders plan summits on the financial crisis.
In London morning trading, the euro rose to 1.3485 dollars from 1.3408 dollars late in New York on Friday.
Against the Japanese currency, the dollar gained to 102.08 yen from 101.63 yen on Friday.
“The main news over the weekend has been the Netherlands government’s 10-billion-euro injection into ING and the Korean government’s 130-billion-dollar support package for its banking system,” said Barclays Capital analyst Moyeen Islam.
The Netherlands on Sunday announced a 13.4-billion-dollar bailout for ING, one of the world’s largest banks, which said on Friday it expected a loss of 500 million euros, or 675 million dollars at current rates, in the third quarter.
South Korea meanwhile on Sunday announced a government guarantee worth up to 100 billion dollars on foreign borrowing by its banks in a bold move to stabilise turbulent financial markets.
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