US dollar declines after Fed statement

Written by: IANS
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New York, March 18: The US dollar decreased against other major currencies as investors were digesting the Federal Reserve policy statement.

In late New York trading on Thursday, the euro rose to $1.1318 from $1.1183 of the previous session, and the British pound climbed to $1.4486 from $1.4230. The Australian dollar went up to $0.7651 from $0.7526.

US dollar

The dollar bought 111.43 Japanese yen, lower than 112.91 yen of the previous session.

The dollar decreased to 0.9672 Swiss francs from 0.9812 Swiss francs, and it inched down to 1.2996 Canadian dollars from 1.3192 Canadian dollars.

The dollar index, which measures the greenback against six major peers, was down 1.17 percent at 94.764 in late trading on Thursday.

In a statement released after the Fed's two-day monetary policy meeting on Wednesday, Fed officials maintained the target range for the federal funds rate at 0.25 to 0.5 percent, noting that "global economic and financial developments continue to pose risks" to the U.S. economy.

"In determining the timing and size of future adjustments to the target range for the federal funds rate," the central bank "will assess realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation," according to the statement.

On the economic front, in the week ending March 12, the advance figure for seasonally adjusted initial claims was 265,000, an increase of 7,000 from the previous week's revised level, the US Labor Department announced on Thursday.


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