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KUALA LUMPUR, Dec 6 — The ringgit closed higher against the US dollar today in line with regional currencies as market players view the greenback’s strengthening as excessive, dealers said.
At 6pm, the local unit was traded at 4.4330/4380 against the US dollar from Monday’s close of 4.4470/4500.
Earlier today, the ringgit opened at 4.4420/4470 against the greenback.
A dealer said regional currencies found immediate support from the dollar’s broad weakness as some investors and analysts viewed the greenback’s recent rally spurred by Donald Trump’s surprise victory as overdone.
However, he said a robust US economic data had heightened expectations that the Federal Reserve would raise interest rates next week.
Vis-a-vis other major currencies, the ringgit was mostly lower.
The local note depreciated against the Singapore dollar to 3.1229/1273 from yesterday’s 3.1207/1232 but appreciated against the Japanese yen to 3.8835/8889 from .8934/8987.
It was lower against the British pound to 5.6507/6589 from Monday’s 5.6486/6542 and weakened against the euro to 4.7726/7788 from 4.7285/7321. — Bernama