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Euro up on US dollar after Washington action

SINGAPORE--The euro surged against the U.S. dollar on Wednesday as traders flocked to the riskier single currency after the U.S. Congress endorsed a deal to avert the fiscal cliff budget crisis.

The euro strengthened to US$1.3277 in afternoon Asian trade from US$1.3192 on Monday. The euro was at 115.51 yen from 114.45 yen. The U.S. dollar rose to 87.16 yen from 86.69 yen.

The U.S. dollar weakened against most Asia-Pacific currencies, retreating to 1,064.24 South Korean won from 1,065.92 won on Monday, to 30.55 Thai baht from 30.59 baht and to SG$1.2207 from SG$1.2226.

It was at 54.49 Indian rupees from 54.78 rupees and at 40.90 Philippine pesos from 41.04 pesos. The greenback was unchanged against the Indonesian rupiah at 9,630.

The Australian dollar bought US$1.0464 from US$1.0385 while China's yuan was at 13.98 yen from 13.81 yen.

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