The dollar fell against most major currencies on Wednesday after the U.S. Federal Reserve left its benchmark rates unchanged at ultra-low levels.

The central bank maintained the target range for the federal funds rate at 0 to 1/4 percent, in line with expectations. It continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period.

Information received since last monetary policy meeting in September suggests that economic activity has continued to pick up, the Fed said in a statement.

Although economic activity is likely to remain weak for a time, the Fed anticipates that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will support a strengthening of economic growth.

The dollar was also under pressures from encouraging economic data. U.S. private employers cut 203,000 jobs in October, the smallest decline in more than one year, according to payrolls firm ADP. Analysts expect that the non-farm employment report due Friday would also show a slower pace of job loss.

The Institute of Supply Management said its non-manufacturing composite index fell slightly to 50.6 in October. Since the reading is higher than 50, the report showed that U.S. service sector is expanding rather than contracting.

The euro bought 1.4888 dollars in late New York trading compared with 1.4702 dollars it bought late Tuesday. The pound rose to 1.6583 dollars from 1.6402 dollars.

The dollar fell to 1.0617 Canadian dollars from 1.0677 Canadian dollars, and fell to 1.0144 Swiss francs from 1.0274 Swiss francs. It rose to 90.74 Japanese yen from 90.32 Japanese yen.

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