Dollar makes losses as US interest rates rise

Dollar makes losses as US interest rates rise

Story link: Dollar makes losses as US interest rates rise

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The U.S. dollar fell against a number of world currencies on Wednesday after the U.S. Federal Reserve raised interest rates on Tuesday.

In some areas, speculation over the possible revaluation of Chinese currency also played a part in the dollars fall.

The U.S. dollar fell 0.8 percent against the yen, to ¥104.21, before recovering to ¥104.68. Speculation about whether or not China will revalue its currency also spurred the South Korean won to rise 0.7 percent in relation to the dollar, to Won 995.

The Taiwan dollar gained 0.9 percent against the U.S. dollar, to T$31.00. This was a six week high. Elsewhere, the dollar fell 0.6 percent against the euro to $1.2938, it was down 0.5 percent against sterling to $1.8999, and it retreated 0.3 percent in relation to the Canadian dollar to C$1.2502.

In Africa, the South African rand rose 1.4 percent in relation to the dollar, to R5.9853, while in South America the Brazilian real was up 0.5 percent on the dollar to R$2.4758, a thirty-five month high.