FOREX-Dollar extends gains after Fed holds rates but projects hike later this year

NEW YORK, June 17 (Reuters) - The U.S. dollar extended gains against the euro on Wednesday, after the Federal Reserve held the benchmark interest rate steady and the Fed's statement showed policymakers expect a hike in borrowing costs later this year amid growing concerns about inflation.

The euro EUR=EBS was 0.5% lower against the dollar at $1.1553, while the greenback pared losses against the yen to trade about unchanged on the day at 160.435 yen JPY=EBS.

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