Dollar Rises on Fed Rate Hike

The U.S. dollar has seen a strong bid in response to the Federal Reserve's decision to raise interest rates by 25 basis points.

This move is significant as it marks the Fed's first rate hike since March 2022, when the benchmark federal funds rate was near zero.

The dollar index, which tracks the value of the U.S. currency against a basket of six major currencies, rose by 0.7% to 104.20.