US dollar rises on tax reform expectation

The US dollar increased against other major peers on renewed hopes for passing a tax bill in the country.

In late New York trading on Friday, the euro fell to $1.1759 from $1.1799 in the previous session, and the British pound declined to $1.3325 from $1.3441 in the previous session, Xinhua news agency reported.

The Australian dollar inched down to $0.7648 from $0.7676.

The US dollar bought 112.62 Japanese yen, higher than 112.12 yen of the previous session. The US dollar increased to 0.9907 Swiss franc from 0.9871 Swiss franc, and it climbed to 1.2880 Canadian dollars from 1.2732 Canadian dollars.

Investors kept a close eye on the progress of the US tax reform, as the House will convene later on Friday to discuss the details of the tax overhaul.

It was reported that the House and Senate Republicans are planning to pass a package next week, with major elements including lower corporate and top individual tax rates.

The dollar index, which measures the greenback against six major peers, was up 0.47 per cent at 93.927 in late trading.

--IANS

pgh/