NEW YORK, Nov. 23 (Xinhua) -- The U.S. dollar fell sharply in late trading on Wednesday as the Federal Reserve's November meeting minutes showed most officials favored slower tightening pace soon.

While noting that inflation had still not shown significant signs of abating, "a substantial majority of participants judged that a slowing in the pace of increase would likely soon be appropriate," said the minutes released Wednesday.

"A slower pace in these circumstances would better allow the Committee to assess progress toward its goals of maximum employment and price stability," the minutes added.

Earlier this month, the U.S. central bank raised interest rates by 75 basis points for the fourth consecutive meeting in an aggressive bid to tame inflation.

The dollar index, which measures the greenback against six major peers, decreased 1.07 percent to 106.0760 in late New York trading on Wednesday.

The euro rose to 1.0403 U.S. dollars from 1.0299 dollars in the previous session, and the British pound increased to 1.2065 U.S. dollars from 1.1884 dollars in the previous session.

The U.S. dollar bought 139.45 Japanese yen, lower than 141.21 Japanese yen of the previous session. The U.S. dollar was down to 0.9419 Swiss francs from 0.9523 Swiss francs, and it fell to 1.3360 Canadian dollars from 1.3383 Canadian dollars. The U.S. dollar fell to 10.4586 Swedish Kronor from 10.6440 Swedish Kronor.