Dollar rallies as investors cheer Fed decision

The dollar strengthened against most of is rivals Thursday, a day after the Federal Reserve raised its benchmark interest rate for the first time in nearly a decade.

The ICE dollar index DXY, -0.20%  climbed 1.4% to 99.1930, adding to gains from Wednesday.

Investors welcomed the Fed’s 25 basis-point rate hike Wednesday by buying dollars. Higher interest rates typically make a currency more attractive to investors by increasing the return on deposits held in that currency.

The dollar traded at ¥122.71 late Thursday in New York, its highest level in a week, USDJPY, -0.55%  compared with ¥122.22 late Wednesday in New York.

Meanwhile, the euro traded at $1.0800 late Thursday, its lowest level in nine days EURUSD, +0.2494% It traded at $1.0883 Wednesday.

The pound GBPUSD, +0.1812% traded at $1.4897, compared with $1.4984 Wednesday.

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