WASHINGTON: The dollar was lower on Wednesday following the US Federal Reserve’s decision to raise interest rates by a quarter of a percentage point as expected.

The Fed projected at least an additional interest rate 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, while Sterling was last trading at $1.2288, up 0.57% on the day.