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Euro gains in Asian trade after ECB cuts interest rate to 0.5%

SINGAPORE--The euro gained in Asian trade Friday after the European Central Bank (ECB) slashed interest rates to a record low in a bid to spur economic growth in the debt-stricken eurozone.

The euro recovered from initial losses and was trading at US$1.3073 in afternoon Asian hours from US$1.3063 in New York late Thursday. The single currency was also buying 128.12 yen from 127.93 yen.

The dollar was up to 98.01 yen from 97.93 yen.

The dollar was mixed against other major Asian currencies.

The greenback firmed to SG$1.2347 from SG$1.2334 in late Asian trade Thursday, to 29.69 Thai baht from 29.39 baht, and to 53.93 Indian rupees from 53.73.

It dropped to 1,098.80 South Korean won from 1,099.49, and to 40.94 Philippine pesos from 41.19.

The Australian dollar strengthened to US$1.0260 from US$1.0245 while the Chinese yuan rose to 15.919 yen from 15.78 yen.

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