# Dollar falls after Fed raises rates, forecasts future hike
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-03-22
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Dollar weakens following Fed's interest rate hike
Meta Description: The dollar weakened after the Federal Reserve raised interest rates as expected, with projections of further increases by 2023. Euro and Sterling gained.
URL: https://financedigest.com/dollar-falls-after-fed-raises-rates-forecasts-future-hikehtml

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By Hannah Lang

WASHINGTON (Reuters) – The dollar was lower on Wednesday following the U.S. Federal Reserve’s decision to [raise interest rates by a quarter of a percentage point](https://www.financedigest.com/how-to-raise-my-credit-score-40-points-fast.html "How to raise my credit score 40 points fast") as expected.

The [Fed projected at least an additional interest rate](https://www.financedigest.com/wall-street-slips-dollar-gains-as-fed-seen-hiking-rates-in-may.html "Wall Street slips, dollar gains as Fed seen hiking rates in May") increase of 25 basis points by the end of 2023.

The dollar index fell 0.465% at 102.680, with the euro up 0.62% to $1.0834.

The Japanese [yen weakened 0.43% versus the greenback at 131.88 per dollar](https://www.financedigest.com/yen-sinks-as-rates-outlook-diverges-nz-dollar-tumbles.html "Yen sinks as rates outlook diverges; NZ dollar tumbles"), while Sterling was last trading at $1.2288, up 0.57% on the day.

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Currency bid prices at 2:03PM (1803 GMT)

Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid

Previous Change

Session

Dollar index 102.6700 103.1700 -0.48% -0.792% +103.2600 +102.6200

Euro/Dollar $1.0834 $1.0770 +0.60% +1.12% +$1.0847 +$1.0759

Dollar/Yen 131.7550 132.4550 -0.49% +0.53% +132.9900 +131.8000

Euro/Yen 142.76 142.67 +0.06% +1.75% +143.6200 +142.3900

Dollar/Swiss 0.9201 0.9223 -0.12% -0.38% +0.9245 +0.9197

Sterling/Dollar $1.2289 $1.2219 +0.60% +1.64% +$1.2297 +$1.2209

Dollar/Canadian 1.3699 1.3713 -0.09% +1.12% +1.3743 +1.3694

Aussie/Dollar $0.6715 $0.6671 +0.67% -1.49% +$0.6716 +$0.6662

Euro/Swiss 0.9970 0.9929 +0.41% +0.76% +0.9975 +0.9927

Euro/Sterling 0.8813 0.8812 +0.01% -0.35% +0.8827 +0.8773

NZ $0.6243 $0.6194 +0.82% -1.65% +$0.6243 +$0.6173

Dollar/Dollar

Dollar/Norway 10.4130 10.5570 -0.65% +6.87% +10.5570 +10.4880

Euro/Norway 11.2941 11.3540 -0.53% +7.63% +11.3760 +11.3010

Dollar/Sweden 10.2962 10.3338 -0.04% -1.07% +10.3692 +10.2787

Euro/Sweden 11.1250 11.1296 -0.04% -0.22% +11.1824 +11.1124

(Reporting by Hannah Lang in Washington; Editing by Emelia Sithole-Matarise and Raissa Kasolowsky)


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