US dollar extends losses amid Fed Chair Yellen's remarks

The US dollar continued to drop against most major currencies Wednesday as Chair Janet Yellen said the Federal Reserve planned to raise interest rates carefully.

Fed Chair Yellen said Tuesday the U.S. central bank will move cautiously in light of a weak global economy and stubbornly low inflation.

"Given the risks to the outlook, I consider it appropriate for the Committee to proceed cautiously in adjusting policy," Yellen said in a speech to the Economic Club of New York Tuesday.

The dollar index, which measures the greenback against six major peers, was down 0.3 percent at 94.857 in late trading.

In late New York trading, the euro rose to 1.1338 dollars from 1.1298 dollars of the previous session, and the British pound dropped to 1.4383 dollars from 1.4386 dollars. The Australian dollar went up to 0.7671 dollar from 0.7637 dollar.

The U.S. dollar bought 112.44 Japanese yen, lower than 112.74 yen of the previous session. The U.S. dollar decreased to 0.9634 Swiss franc from 0.9661 Swiss franc and inched down to 1.2966 Canadian dollars from 1.3056 Canadian dollars.