Dollar boosts gains after falling yesterday on Fed's decision

The dollar rose against most major currencies on Monday, reversing the losses it recorded yesterday following the Federal Reserve's decision and the comments made by its chairman, Jerome Powell.

The US central bank said it kept interest rates unchanged, while not hinting an increase this year after an earlier forecast of a two increases in 2019.

The central bank cut its GDP forecast to 2.1% from 2.3% in previous estimates and estimated a continued weak inflation.

Following the decision, Federal Reserve Chairman Jerome Powell, said there were signs that the US economy would see a slowdown in growth this year, which justified a policy of patience in raising interest rates.

In terms of trade, by 16:22 GMT, the dollar index (against a basket of major currencies) rose by 0.6% to 96.5 points , reaching a high of 96.5 points and a low of 95.8 points.

The dollar index fell 0.7% to the largest one-day loss since January 25 yesterday, on the central bank's decision.