NEW YORK (AP) -- Hopes that Cyprus will approve a new bailout package and avoid bankruptcy are pushing the euro higher against the dollar.

The euro rose to $1.2986 in afternoon trading from $1.2922 late Thursday.

Cypriot lawmakers are expected to vote Friday on new measures they hope will qualify the country for a bailout package. Cyprus needs to raise $7.5 billion to get $12.9 billion in rescue loans from its European neighbors and the International Monetary Fund.

The British pound rose to $1.5236 from $1.5179.

The dollar fell to 94.48 Japanese yen from 94.92 Japanese yen and to 0.9406 Swiss franc from 0.9460 Swiss franc.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.