NEW YORK, Dec. 14 (Xinhua) — The U.S. dollar weakened in late trading on Wednesday as market participants digested the Federal Reserve’s latest interest rate decision.
The Fed raised interest rates by 50 basis points on Wednesday, after announcing four straight 75 basis point hikes at its recent meetings, in an effort to curb inflation.
The latest hike raised the target range for the federal funds rate to 4.25 percent to 4.5 percent, the highest level in 15 years.
The dollar index, which measures the greenback against six major peers, was down 0.21 percent at 103.7700 in late New York trading.
The euro was up to US$1.0669 from US$1.0639 in the previous session, and the British pound rose to US$1.2400 from US$1.2374 in the previous session.
The US dollar bought 135.34 Japanese yen, down from 135.49 Japanese yen from the previous session. The US dollar fell to 0.9244 Swiss francs from 0.9287 Swiss francs and it fell to 1.3551 Canadian dollars from 1.3557 Canadian dollars. The US dollar fell to SEK 10.1902 from SEK 10.2114.