KUALA LUMPUR, Feb 11 — The ringgit ended higher against the US dollar, tracking the firmer Chinese yuan, a dealer said.
At 6pm, the ringgit was quoted at 4.1320/1350 against the greenback from yesterday’s close of 4.1450/1480.
AxiCorp’s chief market strategist Stephen Innes said the ringgit’s trading is correlated to the yuan today as the convexity of regional economic data to the People’s Bank of China (PBoC) stimulus should be quite robust.
“Markets have been remarkably orderly thanks to PBoC, which continue to lay stimulus on thick and heavy,” he told Bernama.
Innes added that traders would now look to the fourth-quarter gross domestic product announcement by the Bank Negara Malaysia tomorrow.
Against other major currencies, the ringgit was also traded higher.
It appreciated against the Singapore dollar to 2.9780/9806 from 2.9848/9874 on Monday and 4.5088/5138 from 4.5384/5421 versus the euro.
The local currency also increased vis-a-vis the Japanese yen to 3.7608/7639 from 3.7771/7805 and strengthened against the British pound to 5.3456/3511 from 5.3508/3563. — Bernama
