Dollar reaches five-week high, gold declines as Federal Reserve raises interest rates

CAPITALS (WAM)

The US dollar rose against a basket of currencies on Wednesday following the Federal Reserve’s decision to raise interest rates to a range of 3.75% to 4%.

The dollar index rose 0.3% to 99.961 points, reaching its highest level in about five weeks.

The euro fell 0.3% to $1.1502, while the British pound declined 0.5% to $1.34155. The dollar gained 0.3% against the Japanese currency to 155.49 yen.

Meanwhile, gold prices continued to decline, falling by 1% in spot trading to reach $4,249 per ounce ahead of the Federal Reserve's decision.