Ringgit rebounds on positive market sentiment

The local note traded mixed against a basket of major currencies. — Reuters pic
The local note traded mixed against a basket of major currencies. — Reuters pic

FRANKFURT, Oct 12 — The ringgit rebounded to close slightly higher against the US dollar, lifted by positive market sentiment, a dealer said.

At 6pm, the ringgit stood at 4.1530/1560 from 4.1580/1600 yesterday.

Among others, the market was boosted by higher Brent crude price which traded at US$80.88 per barrel, up 0.77 per cent.

“Perhaps with the upcoming Budget 2019 the government would announce "goodies", but measures that could further enhance the economy and at the same time reduce debts,” he said, adding that this would lure more foreign investors into the country.

Meanwhile, against a basket of major currencies, the local note was traded mixed.

It fell against the Singapore dollar to 3.0149/0175 from 3.0124/0143, eased versus the euro to 4.8092/8139 from 4.8054/8094 on Thursday but rose against the yen to 3.6971/7008 from 3.7052/7080 and increased to 5.4861/4917 from 5.4873/4916 against the British pound. — Bernama

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