ALBAWABA - On Wednesday, May 24th, the dollar approached its highest level in two months amid investors' interest in the currency, which represents a safe haven amid ongoing stalemate in US debt ceiling talks.
US Treasury Secretary Janet Yellen warns that the federal government may not have enough funds to meet all its obligations by June 1st.
Investors are largely cautious about high-risk investments after a new round of talks between the White House and Republicans ended on Tuesday without any signs of progress in raising the debt ceiling.
The dollar index, which measures the US currency against six rival currencies, reached 103.51 in early Asian trading hours, slightly below the two-month peak touched by the index overnight at 103.65. The index has risen by about 2% in May.
The yen stabilized at 138.58 against the dollar after hitting a six-month low of 138.91 overnight, while the British pound rose by 0.11% in the latest trading to $1.2424.
The Australian dollar also stabilized at $0.6610.