U.S. dollar gains ground

NEW YORK, May 7 (Xinhua) -- The U.S. dollar posted solid gains in late trading on Wednesday as the U.S. Federal Reserve kept benchmark interest rates unchanged.

The dollar index, which measures the greenback against six major peers, increased by 0.43 percent to 99.665 at 3:00 p.m. (1900 GMT).

The Federal Reserve on Wednesday left the target range for the federal funds rate unchanged at 4.25 percent to 4.5 percent, as the Trump administration's tariff policies are expected to lead to higher inflation and slower economic growth.

In late New York trading, the euro was down to 1.1328 U.S. dollars from 1.1371 dollars in the previous session, and the British pound dipped to 1.3317 dollars from 1.3376 dollars in the previous session.

The U.S. dollar bought 143.53 Japanese yen, higher than 142.45 Japanese yen of the previous session. The U.S. dollar was down to 0.8216 Swiss francs from 0.8217 Swiss francs, and it rose to 1.3808 Canadian dollars from 1.3773 Canadian dollars. The U.S. dollar advanced to 9.6344 Swedish Kronor from 9.5663 Swedish Kronor. Enditem