Ringgit ends higher on heightened demand

KUALA LUMPUR, Nov 7 ― The ringgit ended higher against the US dollar today as demand for the local note increases, a dealer said.

At 6pm, the local unit traded at 4.2285/2305 against the greenback from 4.2300/2330 on Monday.

A dealer said traders were keeping a lookout for updates on the US tax bill, amid the oil price rally which uplifted sentiment for the ringgit.

“The greenback’s progress was capped as investors are concern over the appointment of the next Federal Reserve Chair which is expected to be announced soon,” he said.

Meanwhile, the benchmark Brent crude was steady today trading at US$64.01 per barrel compared with US$64.27 per barrel yesterday, its highest level since July 2015. 

The ringgit was traded mostly higher against a basket of major currencies.

It rose against the Singapore dollar to 3.0983/1009 from 3.0991/1029 on Monday and appreciated versus the yen at 3.7001/7022 from 3.7053/7089. 

The ringgit eased to 5.5605/5635 from 5.5421/5478 compared with the British pound yesterday but improved against the euro to 4.8907/8938 from 4.9072/9124, previously. ― Bernama

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