US dollar declines on Fed decision

New York, March 17 (IANS) The US dollar decreased against other major currencies as the Federal Reserve kept interest rates unchanged.

In late New York trading on Wednesday, the euro rose to $1.1183 from $1.1105 of the previous session, and the British pound climbed to $1.4230 from $1.4143, Xinhua news agency reported.

The Australian dollar went up to $0.7526 from $0.7447.

The dollar bought 112.91 Japanese yen, lower than 113.13 yen of the previous session. The dollar decreased to 0.9873 Swiss francs from 0.9880 Swiss francs, and it inched up to 1.3362 Canadian dollars from 1.3270 Canadian dollars.

In a statement released after the Fed’s two-day monetary policy meeting on Wednesday, Fed officials said they decided to maintain 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 US 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.

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