LONDON, Oct 29: The euro rose strongly against the dollar on Wednesday as the market anticipated a sharp cut in US interest rates.

In late European trade on Wednesday, the euro was at $1.2877, up sharply from $1.2767 late in New York on Tuesday, when it had briefly hit 1.2328 — the lowest point since April 2006.

The dollar slipped to 97.74 yen from 98.59 yen. In London trade late Wednesday, the euro changed hands at $1.2877 against $1.2767 late Tuesday, 126.19 yen (125.87), 0.7866 pounds (0.7982) and 1.4625 Swiss francs (1.4736).—AFP