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LONDON : The euro fell to a 13-month low point of 1.3551 dollars on Monday as the crisis in Europe's banking sector deepened, analysts said.
The euro took a beating after Germany's number four bank, Hypo Real Estate, had to be rescued on Sunday.
In late morning trade in London, the European single currency pulled back slightly to stand at 1.3589 dollars, compared to 1.3781 dollars in New York late on Friday.
"The foreign exchange markets are highly volatile as risk aversion lurched higher on the news that the German government had to step in to save Hypo Real Estate from collapse over the weekend," said Derek Halpenny, European head of global currency research at The Bank of Tokyo-Mitsubishi.
"Furthermore, there was little concrete agreed at the weekend summit of European leaders underlining investors' concerns that there is no mechanism in place for a Europe-wide approach to a banking crisis."
- AFP/ir
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