KUALA LUMPUR, Nov 16 — The ringgit continued to trade higher against the US dollar at the close today, buoyed by positive sentiment following the signing of the Regional Comprehensive Economic Partnership (RCEP).
At 6pm, the local currency stood at 4.1140/1190 versus the greenback compared with Friday’s close of 4.1220/1260.
Yesterday, Malaysia’s Senior Minister Datuk Seri Mohamed Azmin Ali said RCEP would contribute to sustaining Malaysia as a preferred trading hub and investment destination.
The pact could be an economic recovery tool against Covid-19 and would help to ensure the opening of markets as well as an uninterrupted supply chain, the International Trade and Industry Minister also said.
An analyst said the positive vibes in the market could also be contributed by a positive surprise in the third-quarter Gross Domestic Product, which fell 2.7 per cent as opposed to a 4.6 per cent contraction as suggested by consensus estimates.
Against other major currencies, the ringgit was traded mixed at the close today.
It fell against the Singapore dollar to 3.0562/0604 from Friday’s close of 3.0558/0608 and declined against the yen to 3.9350/9405 today from 3.9246/9288.
However, the local note strengthened vis-a-vis the British pound to 5.4185/4268 from 5.4291/4360 last Friday and rose against the euro to 4.8722/8798 from 4.8743/8802 previously. — Bernama
