The ringgit closed 0.38 per cent better to the US dollar today, snapping a 12-day losing streak.

At 5pm, the ringgit was quoted at 4.0860/0920 against the greenback from 4.1020/1110 yesterday.

Intra-day, the ringgit hit its lowest level of 4.1290 to the dollar compared with 4.15 last week - the first time since the Asian financial crisis 17 years ago.

“The oversold ringgit started to show signs of consolidating as spot rates begin to be quoted within a narrower spread.

“Players who took a short (ringgit) positions reaped profits while others were on the sidelines awaiting new catalysts for the next clue on market direction,” said a currency trader.

He said data to monitor tomorrow would be the July Consumer Price Index while on Friday it would be foreign reserves data for the period ending Aug 14.

The local currency was traded higher against other major currencies at closing in Kuala Lumpur.

It rose against the Singapore dollar to 2.9080/9139 from 2.9117/9202 yesterday, and strengthened against the yen to 3.2854/2912 from 3.2953/3028 yesterday.

The local unit rebounded against the pound sterling to 6.4007/4126 from 6.4200/4358 and edged up against the euro to 4.5228/5303 from 4.5565/5677.

- Bernama