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Ringgit closes higher on buying interest

by September 29, 2017 General

KUALA LUMPUR, Sept 29 — The ringgit closed higher against the US dollar today on renewed buying interest in the currency, dealers said.

At 6pm, the local unit was quoted at  4.2190/2220  against the US dollar from 4.2300/2330 on Thursday.

A dealer said the local currency rebounded today as the greenback retreated from recent gains on profit-taking.

“The recent greenback rally was pinned on hopes of another round of interest rate hike and President Donald Trump’s  proposal on Wednesday for the biggest tax reform in three decades.But, many remain sceptical about the US dollar’s long-term outlook,” he added.

The ringgit also traded higher against other major currencies, except the euro.

It rose against the Singapore dollar to 3.1063/1097 from Thursday’s 3.1076/1109,  improved against the British pound to 5.6425/6482  from 5.6564/6621, and appreciated against the yen at 3.7499/7532  from 3.7513/7550.

The local currency eased against the euro at 4.9788/9828 from 4.9770/9818 on Thursday. — Bernama