U.S. dollar declines on profit-taking

The U.S. dollar fell against most major currencies on Friday after investors took profits from recent gains.

In the previous session, the dollar index, which measures the greenback against six major peers, touched 14-year high of 103.320 during the session amid Federal Reserve' s rate-hike decision and market expectations for more rate-hikes next year.

In view of realized and expected labor market conditions and inflation, the Federal Open Market Committee decided to raise the target range for the federal funds rate to 0.50 percent to 0.75 percent, said the Fed in a statement after concluding a two-day policy meeting on Thursday.

The Fed also released its updated economic projections, which indicated that the central bank forecasts three rate hikes next year, while in its September projections, Fed officials expected only two rate hikes in 2017.

The dollar index was down 0.12 percent at 102.900 in late trading on Friday amid profit-taking ahead of the weekend.

In late New York trading, the euro rose to 1.0438 dollars from 1.0415 dollars, and the British pound climbed to 1.2487 dollars from 1.2423 dollars. The Australian dollar decreased to 0.7299 dollars from 0.7354 dollars.

The dollar bought 117.91 Japanese yen, lower than 118.13 yen in the previous session. The dollar inched down to 1.0270 Swiss francs from 1.0313 Swiss francs, and it dipped to 1.3344 Canadian dollars from 1.3358 Canadian dollars. Enditem