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U.S. dollar slips after Fed approves another jumbo rate hike

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NEW YORK, Nov. 2 (Xinhua) — The U.S. dollar weakened in late trading on Wednesday as market participants digested the Federal Reserve’s latest announcement on rates.

The dollar index, which measures the greenback against six major peers, fell 0.1 percent to 111.3650.

In late New York trading, the euro was unchanged from the previous session at 0.9888 U.S. dollars, and the British pound decreased to 1.1476 U.S. dollars from 1.1479 dollars in the previous session.

The U.S. dollar bought 146.96 Japanese yen, lower than 148.18 Japanese yen of the previous session. The U.S. dollar decreased to 0.9983 Swiss francs from 0.9997 Swiss francs, and it rose to 1.3648 Canadian dollars from 1.3616 Canadian dollars. The U.S. dollar increased to 11.0251 Swedish Kronor from 11.0160 Swedish Kronor.

The Fed on Wednesday approved a fourth straight 75-basis-point rate hike, as part of its aggressive campaign against persistent inflation.

The rate hike brings the central bank’s policy rate to a new target range of 3.75 percent to 4 percent, the highest level since January 2008.

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