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Originally published Friday, October 12, 2012 at 12:26 PM

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Euro rises on hopes Spain will ask for bailout

The euro rose against the dollar Friday on hopes that Spain is getting closer to asking for a bailout.

The Associated Press

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NEW YORK —

The euro rose against the dollar Friday on hopes that Spain is getting closer to asking for a bailout.

Economists believe that Spain needs financial aid, but the country has not yet asked for it. A request for aid from Spain would help remove some uncertainty about Europe's debt crisis.

The euro rose to $1.2958 in afternoon trading from $1.2929 late Thursday. The euro is down less than 1 percent for the week.

Traders are looking ahead to next week's summit of European Union leaders in Brussels. European leaders will discuss developments in the region's financial crisis.

The British pound rose to $1.6073 Friday from $1.6043.

The dollar fell to 0.9329 Swiss franc from 0.9347 Swiss franc.

The dollar rose to 78.38 Japanese yen from 78.34 Japanese yen and to 97.97 Canadian cents from 97.89 Canadian cents.

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