New York, April 21 (Xinhua) -- The dollar fell against the euro on Monday as a weaker-than-expected profit report from Bank of America dampened investors' optimism on U.S. financial sector.

    Bank of America, the largest retail bank in the United States, reported a 77 percent drop in profits in the first three months of2008, hit by trading losses and a 6 billion-dollar write-down to cover bad loans.

    Analysts said Bank of America's results suggest the fallout from the credit crisis may not be over as some have speculated. Such problems were expected to continue weighing on the U.S. economy and the dollar.

    In the latest bid to combat the global credit crisis, the Bank of England on Monday announced a 100 billion-dollar rescue plan to allow banks to swap mortgage-backed securities for British Treasury bills.

    The package was met with an unenthusiastic response as the currency markets are still examining its potential impact. The pound tumbled on market disappointment with the plan, analysts said.

    The euro bought 1.5916 dollars in late New York trading compared with 1.5805 dollars it bought late Friday. The British pound fell to 1.9798 dollars from 1.9940 dollars.

    The dollar fell to 1.0072 Swiss francs from 1.0182 Swiss francs, and rose to 1.0071 Canadian dollars from 1.0058 Canadian dollars. It was unchanged at 104.17 Japanese yen.