KUALA LUMPUR, Feb 7 — The ringgit closed higher today as the local currency was boosted by higher oil prices and US-China trade talk next week, said a dealer.
At 6pm, the ringgit was pegged at 4.0715/0765 against the greenback from Monday’s close of 4.0900/0970.
The dealer said, after the local market was closed for Chinese New Year holidays, investors returned with a renewed confidence on the foreign exchange market with higher oil prices pushed the ringgit further.
As of 6pm, benchmark Brent crude was at US$62.69 per barrel.
“Besides the oil price, investors are also revitalised by the upcoming trade talks between the US and China next week regarding plans to impose extra tariff on Chinese goods by the US.
“Investors are positive that plans for extra tariff will not be executed as the White House aims to clinch a deal to avert it,” he told Bernama.
It was reported that US Treasury Secretary Steven Mnuchin and other US officials will be travelling to Beijing next week to resume the trade talks.
Meanwhile, the local note traded higher against other major currencies.
It strengthened against the Singapore dollar to 3.0017/0058 from Monday’s 3.0227/0290 and appreciated against the Japanese yen to 3.7004/7059 from 3.7216/7290 previously.
The ringgit advanced against the British pound to 5.2547/2619 from 5.3424/3531 and traded higher against the euro to 4.6191/6252 from 4.6814/6902. — Bernama
