By Naomi Tajitsu LONDON (Reuters) - The dollar slipped on Friday after a draft communique from Group of 20 leaders said economic stimulus measures would remain in place for now, suggesting that interest rates, including U.S. ones, would remain low. Sterling hit multi-month lows against the dollar, euro and yen as traders continued to dump the UK currency a day after the Bank of England Governor Mervyn King highlighted the benefits to the UK economy from a weaker pound. Leaders from world's rich and developing nations in Pittsburgh pledged to keep emergency economic supports in place until a durable recovery is secured, and to work together when the time comes to remove them, a draft communique obtained by Reuters showed on Friday. Analysts said the communique suggested that a recovery in the U.S. economy would take more time, keeping U.S. rates near zero. This would keep demand for the low-yielding U.S. currency low, even as ongoing weakness in the global economy keeps risk demand in check. "The (G20) is making clear that stimulus will stay in place until a recovery is sustainable," said Michael Klawitter, senior currency strategist at Commerzbank in Frankfurt, adding that this suggested that interest rates, including those for the dollar, would remain low for a while yet. "The cyclical argument has not changed to favor the dollar." The dollar erased gains made earlier in the day, when it had rallied in the aftermath of an announcement on Thursday by major central banks that they would jointly scale back massive injections of the U.S. currency. By 3:42 a.m. EDT, the euro was up 0.2 percent on the day at $1.4685, recovering from a fall to as low as $1.4614 earlier in the day. The European currency hit a one-year peak of $1.4845 on Wednesday on trading platform EBS. Traders said Asian central banks had been buyers around $1.4620, putting a floor above Monday's lows around $1.4610. The dollar was down 0.8 percent against the yen at 90.60 yen, near the day's low of 90.53 yen. Higher-yielding currencies such as the Australian and New Zealand dollars also recovered losses against the greenback after the draft G20 communique. The Aussie rose 0.4 percent to $0.8691, crawling back toward a 13-month peak of $0.8790 reached earlier this week. The pound extended its slide on Friday, falling below major support at $1.60. It dropped as low as $1.5917, its lowest since early June, before edging back to $1.5989, down 0.4 percent on the day. The UK currency also sank against the yen, down 1 percent on the day at 145.15 yen.

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