US Senate Majority Leader Mitch McConnell said the package, expected to be worth $ 2 trillion, had been agreed and would be voted on later on Wednesday.
The vulnerable Australian dollar jumped above the level of 60 cents for the first time in a week with the announcement of the news of the agreement, then continued its gains to 0.6047 USD.
The pound rose 0.6 percent to the highest level in the session at $ 1.1834 and the New Zealand dollar rose 1 percent to $ 0.5894. The euro rose 0.3 percent to $ 1.0819.
Against a basket of currencies, the dollar index fell 0.2 percent to 101.43. The US currency was broadly stable against the Japanese yen at 111.17 yen to the dollar.
The exact details of the US bailout bill were not clear, but prominent Democratic Senator Chuck Schumer said it included $ 150 billion in aid for hospitals and support of the same value again to state and local governments.
Although the Australian dollar rose 1.5 percent in the session, it and the sterling have fallen more than seven percent since the beginning of this month as almost all currencies have been hit by the stampede towards the US dollar.