Euro dips to $1.2382

The euro has dipped against the dollar despite efforts by eurozone finance ministers to defend the common currency in a meeting in Brussels.

The 16-nation currency bought $1.2382 in early Tuesday trading, down slightly from the $1.2392 it fetched in New York overnight. On Monday the euro slid to four-year lows against the dollar amid persistent uncertainty in the markets over the government debt crisis gripping Europe.

Finance ministers from all 27 European Union members are meeting Tuesday in Brussels to set new rules to regulate hedge funds.

The euro also dragged down other currencies, bringing the British pound to $1.4473 from $1.4493 in late New York trading. The dollar bought 92.73 Japanese yen, slightly up from 92.54 yen overnight.