The euro’s foreign exchange rate rose to a three week high against the US dollar in currency market trading today on hopes that Greece will reach a deal with creditors to lower its debt.

The euro rose as high as $1.3052 in afternoon trading Monday, its highest level since Jan. 3. The euro was worth $1.2923 late Friday.

Greece needs to reach a deal with its creditors to receive its next installment of bailout cash and avoid defaulting on its debt. One proposal is to have Greece’s private creditors swap their bonds for new ones that are worth 50 percent less. The new bonds would also have lower interest rates and longer maturities, giving the country more time to pay them off.

Greece and representatives for the creditors said Monday that they are moving closer to a final deal after failing to agree on a deal last week.

The US dollar also weakened against most other currencies Monday.

The British pound rose to $1.5575 from $1.5542. The US dollar slipped to 76.94 Japanese yen from 76.98, to 0.9283 Swiss franc from 0.9351 and to 1.0081 Canadian dollar from 1.0138.

The US dollar was also trading lower against the Australian and New Zealand dollar, the Norwegian krone, the Hong Kong dollar and the Brazilian real.

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