Published: Oct 22, 2012 1:06 PM EDT
Updated: Oct 23, 2012 6:31 AM EDT

NEW YORK (AP) - The euro is rising against the dollar after regional election results in Spain made it more likely that the country will ask for a bailout.

Spain's Prime Minister Mariano Rajoy won an election in his home state. The results were seen as a vote of confidence in Rajoy's handling of the economy. Traders expect Spain to ask for financial aid from Europe's bailout fund soon.

The euro rose to $1.3060 in afternoon trading from $1.3023 late Friday.

The dollar rose to 79.84 Japanese yen from 79.28 yen after Japan's exports fell 10.3 percent in September from a year earlier, hurt by Europe's debt crisis.

The dollar fell to 0.9266 Swiss franc from 0.9285 Swiss franc.

The British pound was flat at $1.6014.