The euro climbed from an 11-year low amid speculation the victorious Syriza party in Greek elections will pursue its anti-austerity agenda without forcing an exit from the currency bloc.

The Russian ruble closed at the weakest level on record after Standard & Poor™s cut the nation™s credit rating to junk. The dollar gained versus the yen with the Federal Reserve forecast to to raise interest rates this year. The central bank starts a two-day meeting Tuesday. The euro tumbled 3.5 percent against the greenback the previous two days after the European Central Bank said it will pump 1.1 trillion euros ($1.2 trillion) under quantitative easing into the economy. Brazil™s real and China™s yuan dropped.

The euro climbed 0.3 percent to $1.1238 at 5 p.m. in New York after sliding to $1.1098, the weakest level since September 2003.

The common currency advanced 0.9 percent to 133.12 yen and strengthened 3 percent to 1.0151 Swiss franc, as currencies perceived as havens were among the biggest losers versus the 19-nation euro. The yen slipped 0.6 percent to 118.46 per dollar.

Three-month implied volatility on the euro against the dollar was at 11.69 percent, compared with an average of 6.81 percent during the past 12 months.

Source : Bloomberg