Dollar Surges After Fed's Interest Rate Hike

The US dollar rose against a basket of currencies after the Federal Reserve raised interest rates to a range of 3.75% to 4%. This move led to a 0.3% increase in the dollar index, which reached its highest level in about five weeks, hitting 99.961 points.

The euro and British pound fell against the dollar, with the euro dropping 0.3% to $1.1502 and the British pound declining 0.5% to $1.34155. Meanwhile, the dollar gained 0.3% against the Japanese currency, rising to 155.49 yen.

The Federal Reserve's decision was made on September 17th, marking a significant shift in monetary policy aimed at controlling inflation.