Euro recovers following Ireland reassurances

BERLIN: The euro regained ground against the dollar on Friday after European officials sought to reassure investors that plans for bondholders to be pulled into future financial rescues won't apply to Ireland's current bad debt.

The euro traded as high as $1.3720 in European trading _ off a session low of $1.3575 and above the $1.3658 it bought in New York late Thursday.

The 16-nation currency lost more than a U.S. cent on Thursday. Investors have worried this week that new European Union rules currently under discussion will require them to take on heavier losses in case of a bailout.

But finance ministers from five leading EU nations on Friday issued a joint statement stressing that the possible new mechanism would take effect only after mid-2013 and ``does not apply to any outstanding debt.''

In other trading, the pound slipped to $1.6059 from $1.6114 as a survey showed British consumer confidence remaining low, but the dollar declined to 82.11 Japanese yen from 82.43 yen.

The Group of 20 summit in South Korea ended Friday without an endorsement of a U.S. push to get China to let its currency rise.

A summit statement said only that leaders agreed to refrain from ``competitive devaluation'' of currencies.