In early Asian session the European common currency regained some losses from its previous sessions as China's Vice Premier Wang Qishan said today that the nation has taken "concrete action" to help some European countries deal with their sovereign debt crisis. The euro rose to a 4-day high against the U.S. dollar.

The euro experienced heavy selling on Monday after the rating agency Moody's said that it may cut the ratings on Spanish banks. This came after its multi-notch downgrade of Ireland's credit rating last week.

The euro appreciated by more than 0.7 percent to reach a 4-day high of 1.3194 against the US dollar around 9:25 pm ET from yesterday's multi-week low of 1.3096. On the upside, the common currency may find target around the 1.3350 level. The pair is presently trading at 1.3174.

Against the yen, the euro rose to as high as 110.40 against the yen before reversing direction around 9:25 pm ET. The euro-yen pair that was worth 110.01 at Monday's North American session close is currently quoted at 110.23.

The euro eased after hitting as high as 0.8486 against the pound around 9:25 pm ET. The euro-pound pair that closed Monday's North American deals at 0.8467 is presently quoted at 0.8475.

The single currency that slumped to a fresh record low of 1.2638 against the Swiss franc on Monday erased some of its losses in early Asian trading on Tuesday.

The euro reached as high as 1.2716 against the franc before reversing its course around 9:35 pm ET. The euro-franc pair is presently worth 1.2693, compared to 1.2671 hit late New York Monday.