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Dollar stands tall, inches closer to its 16-month high

The dollar built on last week’s gains and rose towards a 16-month high. [Photo: Courtesy]

SINGAPORE - The dollar built on last week’s gains and rose towards a 16-month high on Monday as traders expect the US Federal Reserve to keep tightening monetary policy.

The Fed has reaffirmed its plan to raise interest rates by 25 basis points in December, followed by two more potential rate hikes by mid-2019 on the back of an upbeat economy and rising wage pressures.

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