Ringgit closes higher against greenback

October 10, 2017 | By | Reply More

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KUALA LUMPUR: The ringgit closed slightly higher against the US dollar and most emerging nations’ currencies today on renewed demand for the local note, a dealer said.

At 6pm, the local unit was quoted at 4.2300/2340 against the US dollar from 4.2360/2390 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 benchmark Brent crude oil at US$55.79 per barrel, up by 0.3%, this helped boost the buying sentiment for the ringgit,” the dealer said.

Meanwhile, FXTM Chief Market Strategist, Hussein Sayed said traders would also closely scrutinise the Federal Open Market Committee meeting minutes to be released on Wednesday for the direction of the next interest rate hike.

The local note, however, traded lower against other major currencies today.

It weakened against the Singapore dollar to 3.1028/1062 from Friday’s 3.0999/0039 and inched down against the yen to 3.7567/7605 from 3.7500/7533.

The ringgit depreciated against the euro to 4.9673/9724 from 4.9574/9626 on Friday and fell against the British pound to 5.5616/5673 from 5.5326/5378 previously. — Bernama

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