March 27, 2013 / 3:10 PM / 5 years ago

Euro slightly pares losses after Cyprus report

NEW YORK, March 27 (Reuters) - The euro slightly pared losses versus the U.S. dollar and Japanese yen on Wednesday after a report said Cyprus is to impose a ban on cashing checks and limit the amount of cash that can be taken out of the country.

The announcement is part of a series of measures to avert a run on the country’s crippled banks, a Greek newspaper reported on Wednesday.

Capital controls are to be imposed when Cyprus banks re-open on Thursday and are expected to restrict foreign transactions.

The euro, which earlier hit a more than four-month low of $1.2750, last traded at $1.2772, down 0.7 percent on the day.

Against the yen, the euro last traded at 120.38 yen, down 0.9 percent on the day, according to Reuters data.

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