The dollar bounced back from earlier declines against its major rivals on Wednesday after the Federal Reserve raised interest rates as widely expected.

Early in the US trading session, the greenback fell to its lowest level since the day after the U.S. election in November, after softer-than-expected U.S. CPI and retail sales data.

U.S. retail sales in May dropped by the most in 16 months and the consumer prices unexpectedly fell month over month, suggesting inflation pressures are moderating, which could impact further Federal Reserve interest rate increases this year.

The dollar index climbed back to above 97, and closed close to flat on the day after earlier touching its lowest since Nov. 9 at 96.323.

EUR/USD rose to its highest since Nov. 9, touching 1.1295. It fell back below 1.12 following the FOMC announcement.

USD/JPY was down more than 1 percent following the data release to touch 108.95, its lowest since April 21. It traded above 109.50 at the close.