© Reuters. Illustrative photo of US dollar bills taken on May 30, 2022. Photo: Dado Ruvic/Reuters.
NEW YORK (Reuters) – He pared losses on Wednesday after the U.S. Federal Reserve raised interest rates by a quarter of a percentage point as expected, but continued to pledge “continued increases” in borrowing costs in its unresolved battle against inflation.
The Federal Reserve noted that the US economy is experiencing “modest growth” and “strong” job gains, while policymakers remain “highly alert to inflation risks.”
The dollar index, which measures the performance of the US currency against a basket of currencies, fell 0.17 percent during the day at 101.91, after falling earlier to 101.64.
It rose 0.45 percent during the day to $1.09090, while the US currency fell 0.38 percent during the day, compared to 129.63.
(Prepared by Mahmoud Salama, Rehab Alaa and Mohamed Attia for the Arabic Bulletin – Edited by Ali Khafaji)
