The euro pared its earlier advance against the U.S. dollar even after Greece have reached a third bailout agreement with eurozone leaders.
After long hours of negotiations, eurozone leaders voted unanimously in Brussels to provide Greece a 35 billion euros plus debt restructuring, where the total bailout could reach 86 billion euros over three years.
Greece will have to get approval from its Parliament on Wednesday, while other eurozone members also have to win backing from their Parliaments.
“There will not be a ‘Grexit’,” said European Commission head Jean-Claude Juncker.
“We averted the plan for a financial strangulation and for the collapse of the banking system,” Greek Prime Minister Alexis Tsipras said.
Greek banks have remained closed for two weeks, with a limit of €60 per day on cash withdrawals.
The euro climbed to a high of 1.1195 versus the dollar, but then dropped to trade around 1.1068.
Eurozone finance ministers will meet later in the day to discuss methods to help Greece meet its urgent needs.