Summary Troubled eurozone nation Cyprus scrambled to finalise capital controls to avert a run on banks.
LONDON (AFP) - The European single currency fell under $1.28 for the first time since November on Wednesday owing to concerns about fallout from the Cyprus financial bailout.
The euro hit $1.2789 about 1020 GMT -- the lowest point since November 21 -- and compared with $1.2861 late in New York on Tuesday.
The foreign exchange market "is concerned about medium-term contagion effects" of the Cyprus bailout, said Commerzbank analyst Thu Lan Nguyen.
Troubled eurozone nation Cyprus on Wednesday scrambled to finalise capital controls to avert a run on banks, a day before they are due to reopen after a nearly two-week lockdown while the island secured a huge bailout.
Meanwhile there are fears that the controversial terms of the bailout could be mirrored in any future financial rescues of indebted eurozone members.
