The dollar pared gains against major currencies on Wednesday after the Federal Open Market Committee released a statement saying there remains “considerable time” before an interest rate hike.
The U.S. dollar rebounded against major currencies on Wednesday on expectations that the Federal Reserve would signal rate hikes were on track, while the rouble recovered as buyers stepped in to pick up the Russian currency at cheaper levels.
The dollar fell against the rouble, however, on the view that the Russian currency’s collapse this year may have gone too far. While Brent crude still traded near 5-1/2-year lows below $60 a barrel, analysts said its free fall may be stabilizing.
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