Ringgit extends gains against US dollar

A Malaysia Ringgit note is seen in this illustration photo June 1, 2017. — Reuters pic
A Malaysia Ringgit note is seen in this illustration photo June 1, 2017. — Reuters pic

KUALA LUMPUR, Sept 13 — The ringgit extended its upward momentum to close higher against the US dollar today, thanks to the easing trade tensions between the United States (US) and China, dealers said.

At 6pm, the ringgit rose to 4.1630/1660 against the US dollar from 4.1640/1680 yesterday.

A dealer said global foreign exchange markets have reacted positively to two critical developments, namely the stimulus measures introduced by the European Central Bank and the US-China moving ever so closer to a trade war detente.

“These provide hopes for better global growth and improved risk appetite for other currencies,” he told Bernama, saying, the focus was now on the Federal Open Market Committee meeting next week.

Meanwhile, the ringgit was mostly lower against a basket of other major currencies.

It fell against the Singapore dollar to 3.0318/0345 from 3.0275/0308 on Thursday’s close, contracted versus the British pound to 5.1829/1883 from 5.1355/1421 and decreased against the euro to 4.6205/6255 from 4.5925/5973.

The local currency, however, rose vis-a-vis the yen to 3.8550/8581 from 3.8602/8650.

The yen is under pressure as investors look to higher-risk currencies following the easing of US-China trade tensions. — Bernama

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