The single currency reached its lowest level since July 2010 in reaction to escalating worries over the potential exits of Greece from the euro zone. Investors were looking up to the ongoing meeting of the European Leaders and it was rumored that each European country discussed a contingency plan in case the Greece is excluded from the European Union.

On the other hand, Greece’s Ex-Prime Minister, Lucas Papademos said in an interview at Dow Jones Newswire that the consequences would be substantial if Greece is excluded from the European Union.

The euro declined to 1.2544 against the US dollar on Wednesday as compared to 1.2578 on Tuesday’s North American trading session. It was lowest for the pair EUR/USD since July 2010 as the single currency has never touched below $1.26 level since then.

The ICE dollar index DXY which measures the US dollar’s performance against its six rival currencies gained to 82.073 on Wednesday as compared to 81.674 on Tuesday’s late trading hours.

Among other currencies, the Japanese yen recovered versus the US dollar as the Bank of Japan kept the interest rates unchanged and showed no intentions to change its quantitative easing program. The central bank maintained the status quo in its policies despite the political pressures to boost growth and reduce inflation. Against the Japanese yen, the US dollar declined to 79.49 on Wednesday as compared to 79.96 on late Tuesday.

The British Pound fell against the greenback to 1.5698 on Wednesday as compared to 1.5754 on Tuesday. The minutes of latest Bank of England’s monetary policy meeting showed that majority of members voted to makes no changes in the central bank’s bond buying program.