KUALA LUMPUR: The ringgit closed higher against the US dollar and most emerging nations’ currencies today on strong buying momentum for the local note, a dealer said.
At 6pm, the local unit was quoted at 4.1870/1900 against the US dollar from 4.1880/1910 last Friday.
He said the higher global oil prices also helped push the ringgit to close higher.
“Malaysia is an oil exporting country and with the Brent crude oil at US$55.65 (US$1 = RM4.18) per barrel, up by 0.05 per cent, this helped boost the buying sentiment for the ringgit,” the dealer said.
He said this week investors would be cautious, at least until Wednesday, as they would focus on the US Federal Reserve System’s monetary policy announcement.
“The upbeat US inflation data are not enough to move the markets’ expectations of an interest rate increase in December… and also for this week, investors will adopt a wait-and-see attitude on UK Prime Minister’s Theresa May’s Brexit speech scheduled for Friday, in Florence, Italy.
“Until then, we predict the Asian currencies, including the ringgit, to remain attractive for investors,” the dealer said.
Against other major currencies, the ringgit was traded mostly higher, except the euro, which fell to 5.0035/0087 from 5.0007/0051 last week.
It inched up against the Singapore dollar to 3.1098/1132 from 3.1128/1164 last Friday and vis-a-vis the yen, it went up to 3.7619/7656 from 3.7648/7685 previously.
The local note improved versus the British pound to 5.6717/6775 from 5.6873/6926 last Friday. – Bernama