The US dollar rose against other major currencies Wednesday as Federal Reserve Chairman Bernanke said the central bank could reduce its bond-buying program later this year if the economy continues to improve.

The Federal Open Market Committee said after a two-day meeting that it would maintain the stimulus program and that downside risks to the economy and the labor market have diminished since last fall.

The central bank has kept the benchmark interest rate at zero to 0.25 percent since 2008 to support the economy.

Speaking at Wednesday's press conference following the meeting, Bernanke said the Fed may cut its pace of bond purchases later this year and may end them around the mid of 2014 if the economy continues to improve.

Traders believed the US dollar could go up in the near-term versus other currencies boosted by the expectations of tapering.

The Dollar Index, used to monitor the greenback against the currencies of six main US trade partners, rose 0.9 percent to the highest level since June 10.

In late New York trading, the euro dropped to 1.3274 dollars from 1.3405 dollars of the previous session and the British pound decreased to 1.5486 dollars from 1.5651 dollars. The Australian dollar dropped to 0.9344 dollars from 0.9490 dollars.

The dollar bought 96.41 Japanese yen, higher than 95.29 yen of the previous session. It edged up to 0.9299 Swiss francs from 0. 9195 Swiss francs and moved up to 1.0286 Canadian dollars from 1. 0201 Canadian dollars.