The euro hit the highest level against the dollar for two months on Thursday after the European Central Bank opted against cutting its main interest rate from a record-low 0.75 percent, traders said. At about 1145 GMT, immediately after the decision announcement, the European single currency jumped to $1.2652, which was the highest level since July 2. It later pulled back to stand at $1.2640, which was still higher compared with $1.2600 late in New York on Wednesday. ECB President Mario Draghi was shortly set to explain the reasoning behind the rate decision at a news conference, while markets waited to see if he would also unveil details of a bond-buying programme to help eurozone nations.