Anxiety over a potential U.S. debt default has led some analysts to question whether the greenback's days as a global reserve currency are numbered.
The U.S. government looked set to move into its 14th day of a shutdown on Monday, ramping up fears that the October 17 debt ceiling deadline could be missed prompting the world's largest economy to default on its debt obligations.
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Richard Yetsenga, head of global markets research at ANZ, told CNBC Asia's Squawk Box that the recent political wrangling in Washington was hurting his already wavering faith in the greenback.
"I think that what's going on in U.S. politics, the way decisions are being made from a very fundamentalist, philosophical view point rather than a practical, solution-based viewpoint, says that the dollar is not the robust entity it was 10-15 years ago," he said.
Yetsenga acknowledged weaknesses with alternatives to the dollar, but said he did envisage the world moving towards a range of global reserve currencies, rather than there just being the dollar.
"Certainly the dollar as the sole reserve currency... that period is heading further and further away," he said.
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Further compounding this view, European Central Bank policy maker Ewald Nowotny warned over the weekend that the dollar's role as a leading reserve currency is at risk as a direct result of the political impasse in the U.S.
He told Austrian broadcaster ORF that he was concerned about the negative impact the shutdown might have on the dollar's long-term role.