Optimism on US tax reform brings dollar higher against ringgit – Business News


KUALA LUMPUR: The ringgit opened lower against the US dollar this morning as the greenback strengthened on continued optimism from the US tax reform, dealers said.

At 9 am, the local unit opened at 4.0840/0870  against the greenback from 4.0730/0780 on Wednesday.

A dealer said the US dollar climbed higher on increasing expectation the US House and Senate would reconcile their tax bills over the next week or two, with the legislation ready to be signed before the books were closed on 2017.

He said markets’ focus now was on Federal Open Market Committee meeting next week for the most-awaited decision on US monetary policy which they were fully expecting the Federal Reserve to raise interest rates next Wednesday by 25 basis points for the third time this year.- Bernama

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