Agence France-Presse . Tokyo
The dollar climbed against the yen in Asia on Monday, after US president Barack Obama announced an 11th-hour
agreement to raise the US
debt limit to avoid default
that is pending approval
by Congress.
The dollar was at 77.45
yen in Tokyo at 0500
GMT after briefly rising
above the 78 yen level, from 76.73 yen in New York late Friday.
The euro fetched $1.4393 against $1.4395. The European single unit rose to 111.51 yen from 110.41 yen.
Obama announced late Sunday that he and top lawmakers had reached a tentative 11th-hour deal to avert a disastrous debt default that would have had a chaotic impact on the world economy.
'I want to announce that the leaders of both parties in both chambers have reached an agreement that will reduce
the deficit and avoid
default, a default that would have had a devastating
effect on our economy,'
Obama said in hastily announced remarks at the White House.
If approved, the deal will raise the debt ceiling by
at least $2.1 trillion — enough to reach 2013 — and entail
cuts of $2.5 trillion dollars in two rounds, an official said Sunday.
Source : New Age
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