KUALA LUMPUR, Oct 29 ― The ringgit rose against the US dollar in the early trading session today as investors’ demand shifted towards the local note on optimism over the US-China trade talks, with the US expected to come close to completing some sections of an agreement with Chinese negotiators.
At 9am, the local note was quoted at 4.1805/1835 versus the greenback from 4.1845/1875 recorded at last Friday’s close.
In a note, AmBank Research said the dollar declined due to the weaker-than-expected Dallas Fed manufacturing index for October which came in at -5.1 from +1.5 in September.
Commenting on the local note against the US dollar, the research house said it expects it to range within the support levels of 4.1717 and 4.1777 with resistance pegged at 4.1950 and 4.2013.
Meanwhile, the local note was traded higher against other major currencies.
The ringgit improved against the Singapore dollar to 3.0683/0723 from 3.0692/0725 and increased against the yen to 3.8350/8388 from 3.8506/8548.
It rose against the British pound to 5.3711/3754 from 5.3716/3768 and was higher against the euro at 4.6391/6428 from 4.6502/6552. ― Bernama
