KUALA LUMPUR, Feb 18 — The ringgit extended its earlier gains to end slightly higher against the US dollar today, buoyed by the improving crude oil prices amid optimism over the United States (US)-China trade deal.
At the close, the ringgit inched up to 4.0830/0880 against the US dollar from 4.0870/0900 last Friday.
A dealer said the positive market sentiment had prompted investors to turn towards riskier currencies like the ringgit from safe-haven currencies such as the greenback.
"Many investors are keeping faith that Beijing and Washington will manage to avert an escalation in the trade war," he said.
It was reported that trade negotiations between the US and China went smoothly last week in Beijing and the talks will resume in Washington this week, resulting in high hopes that both sides could reach an agreement before the March 1 deadline.
Meanwhile, the dealer said the firmer crude oil prices, which saw benchmark Brent crude trade at more than US$66 per barrel today, also helped to lift the local note, as Malaysia is a net oil and gas exporter.
At the close, the ringgit, however, traded mostly lower against other major currencies, except against the Japanese yen.
It fell against the Singapore dollar to 3.0100/0145 from 3.0082/0116 last Friday, weakened against the British pound to 5.2724/2797 from 5.2354/2409 and declined against the euro to 4.6195/6264 from 4.6110/6152.
Vis-a-vis the yen, it rose to 3.6934/6982 from 3.7013/7050 previously. — Bernama
