The euro's long bear run against the dollar has run its course amid concern over slower U.S. economic growth.

The long-battered euro rose to $0.8975 on Friday in London to mark its highest level since Sept. 22, when the European Central Bank launched coordinated intervention with the U.S. and other central banks to halt its fall.

With much of the recent uptrend in oil prices running out of steam, the euro's rise has helped ease fears of inflationary pressures in the euro zone. The euro was previously dragged down by selling pressure, hitting $0.82 in October and $0.83 in November.