Euro recovers slightly after Monday's loss

Tokyo

THE euro edged up against the US dollar on Tuesday after plunging in the wake of the anti-austerity Syriza party's victory in Greek elections, while the ruble dropped after Standard & Poor's (S&P) cut Russia's debt rating to junk.

In Tokyo, the common currency rose to US$1.1241, from US$1.1234 in New York. The euro had tumbled to US$1.1098 - its lowest level since September 2003 - in Asia on Monday, owing to fears the poll result could lead to a Greek exit from the eurozone. The single currency eased to 132.85 yen from 133.12 yen in US trade, although it is still up from levels below 132 yen on Monday in Japan.