Dollar Slides Versus Yen as U.S. Debt Limit Looms; Rupee Weakens
This article is for subscribers only.
The dollar sank to its lowest level in eight weeks against the yen amid concern U.S. lawmakers will fail to reach an agreement to raise the federal debt ceiling and keep the nation from defaulting.
Switzerland’s franc gained versus the greenback after Treasury Secretary Jacob J. Lew said yesterday Congress must boost the debt limit by Oct. 17 or the U.S. may be unable to pay its bills. The partial government shutdown persisted for a seventh day. The euro rose versus the dollar even as confidence in the 17-nation region waned. India’s rupee slid as the central bank made its second interest-rate cut in a month.