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Dollar gains as US Senate cuts debt ceiling deal

Wednesday, 16 Oct 2013 | 6:00 PM ET
The U.S. Capitol Building
Getty Images
The U.S. Capitol Building

The dollar rose against most currencies on Wednesday after the Senate announced a deal that would avert a U.S. default on its debt and re-open a government that has been partially shut down for two weeks.

The greenback had risen earlier to a three-week high against the yen and a two-week peak versus the euro as investors had been expecting a deal before the Oct. 17 deadline, when the U.S. Treasury's borrowing authority runs out.

The dollar was last up 0.7 percent at 98.81 yen, not far from the Sept. 27 high of 99.04. The dollar index was flat on the day at 80.507, with a peak of 80.754, its highest since Sept 18.

The dollar had taken a hit earlier from Fitch Ratings' warning that it could cut the U.S. sovereign rating from AAA, citing the political spat over the debt ceiling. But sentiment turned more positive as the global trading day progressed.

The euro was little changed on the day against the dollar at $1.3526, having hit a low of $1.3472, a two-week trough.

The British pound fell 0.3 percent against the dollar to $1.5951, while the dollar gained 0.1 percent against the Swiss franc to 0.9137.

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