In 9 euthyroid volunteers and 6 athyreotic subjects receiving replacement thyroxine therapy, a single dose of dexamethasone caused significant reduction in circulating concentrations of total serum triiodothyronine (T3). The fall was observed 24 hours following the administration of dexamethasone with return to pre-treatment concentrations evident by 48 hours. The reduction in serum T3 in the athyreotic group on replacement thyroxine therapy demonstrates a direct effect of glucocorticoids on the peripheral metabolism of T3 in man.
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Duick et al. (1974) studied this question.