Dollar gains after Fed keeps rates unchanged

New York [US], April 30: The dollar strengthened against major currencies on Wednesday after the US Federal Reserve left interest rates unchanged, with markets also on edge over as the US-Israel war with Iran shows little sign of easing.
Earlier during the day, the US Federal Reserve on Wednesday avoided surprising markets by keeping the federal funds rate unchanged for the third consecutive meeting at 3.5 percent-3.75 percent amid increased risk of inflation rising due to higher global energy prices.
The Fed's decision to hold rates steady is on expected lines, as the risk of an inflation flare-up remains high due to energy prices remaining elevated for a longer period.
Brent Crude prices are above the $110 per barrel as the Strait of Hormuz remains effectively closed amid stalled US-Iran talks.
The US Federal Open Market Committee (FOMC) met on April 28-29 to decide the policy rates amid high uncertainty stemming from the West Asian war.
This was the last policy meeting of Jerome Powell as the Fed chief, as his term expires on May 15.
Source: Qatar Tribune