KUALA LUMPUR, Oct 24 — The ringgit ended higher against the US dollar today, tracking the firmer Chinese yuan against the greenback after China announced steps to boost its economy, dealers said.
At 6pm, the local note was quoted at 4.1830/1870 against the greenback compared with yesterday’s close of 4.1860/1890.
AxiTrader Asia Pacific market strategist Stephen Innes said however, trading of the Chinese yuan was sensitive to global risk sentiment which has sifted up and down.
“Generally, markets continue to struggle amid concerns that global economic growth lacks momentum.
“At this juncture, I do not see any breakthrough for the ringgit until phase one of the US-China trade deal gets inked at the Asia-Pacific Economic Cooperation (Apec) meeting in November,” he told Bernama.
Innes noted that the positive vibes could also be contributed by a recent news report that Japan would be supporting Thailand to conclude the long-delayed Regional Comprehensive Economic Partnership (RCEP) agreement, next month.
The RCEP is a proposed free-trade agreement (FTA) between the 10 member states of the Association of South-east Asian Nations (Asean) including Malaysia and its six FTA partners — China, Japan, India, South Korea, Australia, and New Zealand.
Meanwhile, the local note was traded mixed against other major currencies.
It strengthened versus the Singapore dollar to 3.0676/0714 from 3.0707/0734 and appreciated against the yen to 3.8482/8533 from 3.8620/8651.
The ringgit, however, eased against the British pound to 5.3890/3945 from 5.3794/3850 and declined against the euro to 4.6553/6614 from 4.6506/6557 yesterday. — Bernama
