Dollar pares losses after Fed statement

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NEW YORK (Reuters) - The dollar pared losses on Wednesday after the Federal Reserve hiked rates by 25 basis points, as was widely expected, and promised "ongoing increases" in borrowing costs as part of its still unresolved battle against inflation.


The Fed said the U.S. economy was enjoying "modest growth" and "robust" job gains, with policymakers still "highly attentive to inflation risks."

The dollar was last down 0.17% on the day against a basket of currencies at 101.90, after earlier falling to 101.64. The euro was last at $1.09090 against the greenback, up 0.45% on the day, and the dollar was down 0.38% on the day against the Japanese yen at 129.63.

(Reporting by Karen Brettell; Additional reporting by Joice Alves in London; Editing by Jonathan Oatis and Diane Craft)

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