KUALA LUMPUR, Aug 17 — The ringgit closed higher against the US dollar today on improved buying sentiment for the local unit, benefitting from the de-escalation in trade talk risk between the United States and China, said an analyst.
At 6pm, the local currency was pegged at 4.1900/1960 against last Friday’s close of 4.1910/1950.
AxiCorp chief global market strategist Stephen Innes said traders remained cautious in selling the US dollar more aggressively ahead of the Federal Open Market Committee (FOMC) meeting minutes that is due on Wednesday.
“If the FOMC minutes are interpreted (as being) dovish by the market, the ringgit will strengthen. It seems we are in that cycle again where local currency sentiment is getting driven by G10 (Group of 10) currencies settlement,” he told Bernama.
The local unit declined against the Singapore dollar to 3.0597/0650 from 3.0518/0554 last Friday and depreciated vis-a-vis the yen to 3.9391/9458 from 3.9260/9308 previously.
The ringgit fell against the British pound to 5.4952/5035 from 5.4785/4854 and weakened against the euro to 4.9672/9756 from 4.9416/9472. — Bernama
