Euro rises against the dollar

Frankfurt: The euro rose against the dollar after European Central Bank President Jean-Claude Trichet said the region’s interest rates are ’appropriate’, indicating the bank will ignore calls to brake the dollar’s slide.

“Trichet seems pretty happy with where the euro is,” said Michael Klawitter, a strategist at WestLB AG in London.

Demand for the dollar has waned as the Federal Reserve said it will be “patient” in raising its target rate from 1%, a four-decade low. The ECB’s rate is twice the Fed’s.