NEW YORK (AP) -- The dollar is rising against most major currencies after Congress approved a budget deal, avoiding a series of tax increases and cuts in government spending.

Traders have been concerned that a deal would not be reached, possibly sending the U.S. economy back into a recession.

The euro fell to $1.3165 in afternoon trading from $1.3192 late Tuesday.

The British pound fell to $1.6234 from $1.6243.

The dollar rose to 87.06 Japanese yen from 86.76 Japanese yen and to 0.9190 Swiss franc from 0.9163 Swiss franc.

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