New York: The euro was dropping against the dollar after early results of the Greece bailout referendum suggested the country rejected fresh austerity demands from EU-IMF creditors.

One euro was worth $1.0987 at 1915 GMT, down 1.20 percent from Friday night, in electronic trading before Asian markets opened. Earlier in the day, the euro had fallen to 1.0963 dollar, with about 50 percent of votes counted in the Greek bailout vote.