Ringgit closes marginally higher against US dollar

Malaysian ringgit notes against US dollar background

KUALA LUMPUR: The ringgit closed marginally higher against the US dollar today, boosted by some buying demand after the greenback slipped from its seven-week high, a dealer said.

At 6 pm, the ringgit stood at 4.1515/1545 against the US dollar from 4.1550/1600 recorded yesterday.

“The local note maintained its upward trend versus the greenback on Wednesday as the rally on the currency (US dollar) paused.

“But, overall the currency remained strong following the improved US economy,” the dealer said.

Meanwhile, another dealer said there was a possibility that the ringgit would continue its upward momentum in the run-up to Budget 2019.

“Although the government is likely to announce some new taxes that will likely be unpopular among the people, in other ways it shows that Pakatan Harapan’s efforts towards reducing its RM1 trillion debts and reducing budget deficit.

“This, in the long-run would gain investors’ confidence,” he said.

Meanwhile, the ringgit was traded mostly lower against other major currencies.

It fell against the Singapore dollar to 3.0016/0048 from 2.9959/9999 but rose versus the Japanese yen to 3.6668/6704 from 3.6724/6785.

The local note decreased against the euro to 4.7688/7731 from 4.7575/7640 and weakened against the British pound to 5.4601/4657 from 5.4190/4259 yesterday.