KUALA LUMPUR, Oct 29 — The ringgit closed higher against the US dollar today, in line with most regional currencies, as reassuring talks on the US-China trade deal helped lift market sentiment in emerging Asian currencies.
At 6pm, the ringgit was quoted at 4.1810/1850 versus the greenback from 4.1845/1875 at close last Friday.
Most regional currencies found support after US President Donald Trump said he expected to sign a significant part of the trade deal with China ahead of schedule.
In a note, OANDA senior market analyst for Asia-Pacific, Jeffrey Halley said the US-China trade deal, even an interim one, would remain the critical macro-economic event for the year.
“The air of optimism, misplaced or real, should lend support to regional currencies today and see the dollar give some ground against them,” he said, adding, the market would monitor the outcome of the Federal Open Market Committee tomorrow.
Meanwhile, the local note traded higher against other major currencies.
The ringgit rose against the Singapore dollar to 3.0659/0693 from 3.0692/0725 and advanced against the yen to 3.8397/8444 from 3.8506/8548.
It gained against the British pound to 5.3596/3664 from 5.3716/3768 and improved against the euro to 4.6305/6366 from 4.6502/6552 last Friday.
The local market was closed on Monday for the Deepavali public holiday which fell on October 27. — Bernama
