NEW YORK (AP) -- The dollar is rising against other currencies after the Federal Reserve extended a bond-purchasing program into 2013.
The Fed also says it will keep interest rates extremely low for as long as the unemployment rate remains high and inflation remains under control. That's a change from its previous policy of having ending dates for its low-rate policy.
The Fed's plans imply a long period of low rates in the U.S., a key factor in keeping the value of the dollar low against other currencies that carry higher rates, such as the euro.
The euro rose to $1.3084 Wednesday from $1.3003 late Tuesday.
The British pound rose to $1.6157 from $1.6114. The dollar also fell against the Swiss franc and Canadian dollar.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.