Dollar falls after Fed rate hike

Published by
Reuters UK

By Laura Matthews NEW YORK (Reuters) – The dollar fell against a basket of its peers on Wednesday after the Federal Reserve raised interest rates by a quarter of a percentage point, citing still-elevated inflation as a rationale for what is now the highest U.S. central bank policy rate in 16 years. The increase brings the benchmark overnight interest rate in the 5.25%- to 5.50% range, while the accompanying policy statement left the door open to another increase. The dollar index, a measure of the U.S. currency against six major peers, fell 0.345% at 1.1093. Futures expect the Fed’s overnight …

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