updated 5/31/2005 7:32:47 AM ET 2005-05-31T11:32:47

The dollar rose Tuesday against the euro and other major currencies amid concern over the future of European integration ahead of the Dutch referendum on the European Union’s constitution.

In afternoon European trading Tuesday, the 12-nation euro dropped as low as $1.2312 before edging back up to $1.2318 — more than a cent below the $1.2466 it bought late Monday.

The British pound fell to $1.8180 from $1.8227 on Monday. The dollar rose to 108.22 Japanese yen from 107.97 yen.

On Sunday, French voters roundly rejected the document — creating uncertainty about the European Union’s future and raising the prospect that international investors could become more wary of putting money in European assets.

The EU constitution faces another test when the Netherlands votes Wednesday, with polls indicating strong resistance toward it there. Nine countries, including Germany have approved the document — mostly through parliamentary votes.

Jean-Claude Trichet, president of the European Central Bank, said the continent is facing a difficult time in the aftermath of the French vote.

“After the French referendum and before the Dutch referendum, we are facing today a difficult moment for Europe and for our 458 million European fellow citizens,” he said during a speech in Montreal on Monday.

But he was optimistic that the EU would weather any crisis.

“I am sure that Europeans will together find the way allowing them to overcome present difficulties as they did it in the past.”

While it has taken a knock this week, the euro remains strong overall. It dropped against the U.S. currency after its 1999 introduction, but surged to an all-time high of $1.3667 at the end of last year amid worries about the wide U.S. trade and budget deficits.

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