The dollar dropped against European currencies today as Greek and central bank officials tried to calm market fears about a Greek debt default, according to AP. The 16-nation euro rose to $1.3447 in early New York trading Friday from $1.3353 in New York late Thursday. Greece's borrowing costs have spiked to a record high this week, raising doubts about the effectiveness of a financial rescue plan. However, European Central Bank president Jean-Claude Trichet insisted Thursday that default was «not an issue» for the country. On Friday, Greek Finance Minister George Papaconstantinou insisted that Greece had no plan to use the bailout plan agreed upon last month by European Union and International Monetary Fund. Meanwhile, the ratings agency Fitch downgraded Greek debt Friday to just above junk territory. In other trading in New York, the British pound climbed to $1.5343 from $1.5274, while the dollar inched up to 93.43 Japanese yen from 93.40 yen. The dollar rose to 1.0051 Canadian dollars from 1.0031 Canadian dollars, and slipped to 1.0689 Swiss francs from 1.0739 francs.
