U.S. dollar rises after Senate passing tax bill

NEW YORK, Dec. 4 (Xinhua) -- The U.S. dollar rose against most major currencies Monday, after the U.S. Senate narrowly passing a major tax bill over the weekend.

The dollar index, which measures the greenback against six major peers, was up 0.32 percent at 93.186 in late trading.

In late New York trading, the euro decreased to 1.1856 dollars from 1.1892 dollars in the previous session, and the British pound increased to 1.3474 dollars from 1.3467 U.S. dollars in the previous session. The Australian dollar lost to 0.7597 dollar from 0.7611 dollar.

The dollar bought 112.65 Japanese yen, higher than 112.05 yen of the previous session. The U.S. dollar rose to 0.9855 Swiss franc from 0.9762 Swiss franc, and it was up to 1.2697 Canadian dollars from 1.2695 Canadian dollars.

The U.S. Senate on Saturday morning narrowly passed the Republican bill to overhaul the tax code in decades, moving one step closer to the first major legislative victory of the Trump administration and congressional Republicans.

The House of Representatives had passed its own version of tax reform legislation last month, which contained significant differences from the Senate version.

Republicans currently plan to convene a conference in the next few weeks to reconcile the House and Senate versions.

Overhauling the tax code is a top priority of Republicans and they are hoping to send the final legislation to President Donald Trump before Christmas.

Analysts said market sentiment was overall boosted by the prospect of the tax bill and investors will look closely to see progress between the House and Senate's joint bill later this week. Enditem