Ringgit ends higher on improved demand

KUALA LUMPUR, Nov 8 ― The ringgit ended higher against the US dollar today on improved demand for the local note, a dealer said.

At 6pm, the local unit traded at 4.2280/2300 against the greenback from 4.2285/2305 on Tuesday.

A dealer said traders were nervous amid the probability of the proposed tax reforms in the United States may not go through on lack of support from relevant quarters.

“This would inadvertently affect the dollar’s strength,” the dealer said.

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

It decreased against the Singapore dollar to 3.1015/1039 from 3.0983/1009 on Tuesday and depreciated versus the yen to 3.7176/7203 from 3.7001/7022 yesterday. 

Against the British pound, the ringgit rose to 5.5522/5565 from 5.5605/5635 yesterday but depreciated versus the euro to 4.9011/9038 from 4.8907/8938 on Tuesday. ― Bernama

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