Ringgit ends higher on increased demand

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KUALA LUMPUR: The ringgit ended higher against the US dollar today on increased demand for the local note, a dealer said.

At 6pm, the local unit traded at 4.2300/2330 against the greenback from 4.2340/2370 last Friday.

Oanda Head of Trading Asia-Pacific Stephen Innes said traders were in favour of the ringgit, as the foreign exchange market reacted to last week’s underwhelming US tax announcement.

“The ringgit remains undervalued given the surprising levels of economic expansion,” he told Bernama today.

The benchmark Brent crude was trading 0.52% higher at US$62.39 (RM264) per barrel.

“All in all, it appears that support for the Organisation of Petroleum Exporting Countries, to extend production cuts, was growing.

The ringgit was traded mostly higher against a basket of major currencies.

It rose against the Singapore dollar to 3.0991/1029 from 3.1093/1122 last Friday and appreciated versus the yen at 3.7053/7089 from 3.7088/7128.

The ringgit eased to 5.5421/5478 from 5.5326/5382 compared with the British pound on Friday but improved against the euro to 4.9072/9124 from 4.9309/9357, previously. — Bernama


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