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U.S. dollar skids after Fed decision

Tan KW
Publish date: Thu, 23 Mar 2023, 08:20 AM
Tan KW
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NEW YORK, March 22 -- The U.S. dollar fell noticeably in late trading on Wednesday as market participants digested the Federal Reserve's latest decision on rates.

The dollar index, which measures the greenback against six major peers, decreased 0.87 percent to 102.3679.

In late New York trading, the euro increased to 1.0879 U.S. dollars from 1.0764 dollars in the previous session, and the British pound rose to 1.2302 U.S. dollars from 1.2216 dollars in the previous session.

The U.S. dollar bought 131.45 Japanese yen, lower than 132.51 Japanese yen of the previous session. The U.S. dollar decreased to 0.9173 Swiss francs from 0.9226 Swiss francs, and it fell to 1.3697 Canadian dollars from 1.3716 Canadian dollars. The U.S. dollar was down to 10.2670 Swedish Kronor from 10.3436 Swedish Kronor.

The Fed raised interest rates by 25 basis points at the conclusion of its two-day meeting on Wednesday, lifting the target range of the federal funds rate to 4.75-5 percent.

In its statement, the Fed said inflation remains elevated and that the central bank remains "highly attentive to inflation risks," while banking issues could cause credit conditions to tighten and weigh on economic growth.


  - Xinhua


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