- POSTED: 05 Oct 2013 06:30
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The dollar pulled up higher against the euro, yen and other currencies on Friday, arresting a steady slide since last month even as the US government shutdown passed its fourth day.
NEW YORK: The dollar pulled up higher against the euro, yen and other currencies on Friday, arresting a steady slide since last month even as the US government shutdown passed its fourth day.
There was no end in sight to the political stalemate between Republicans and Democrats over the budget and borrowing ceiling, but the dollar was appearing oversold, analysts said.
At 2200 GMT the dollar was at $1.3557, compared to $1.3618 late Thursday.
The dollar rose to 97.47 yen from 97.27, while the euro slipped to 132.14 yen from 132.49.
The dollar remained near its lowest point in eight months amid concerns that Washington's political paralysis could worsen, hurting economic growth.
One month Treasury yields - an indicator of short-term risk - rose sharply Thursday and Friday as investors eyed the October 17 deadline for Congress to raise the country's debt limit.
Without an increase in the limit, the Treasury has repeatedly warned, the country could be forced to default on its obligations, including debt payments, an act which the Treasury said would be "catastrophic".
"Business and consumer spending could also take a hit as the shutdown wears on into its second week," said Kathy Lien of DailyFx.
The British pound fell to $1.6005 from $1.6155, while the dollar rose to 0.9071 Swiss franc from 0.8991 franc.