Ringgit rises to 4.283 against US dollar

comments     Bernama     Published     Updated

The ringgit closed firmer against the US dollar today as the greenback retreated from the recent rally, dealers said.

At 5pm, the ringgit was quoted at 4.2830/2880 against the greenback from 4.3410/3480 yesterday.

A dealer said risk sentiment was better on the back of greater certainty of the US Federal Reserve’s interest rate liftoff in December.

Affin Hwang Investment Bank vice-president and head of retail research Nazri Khan Adam Khan said the ringgit made a good advance of more than 2 percent as currency players took profits on the greenback.

He told Bernama there is widespread belief in the market that the Federal Reserve is going for a small hike rate in December without much negative impact on the US economy, commodities and oil prices as well as the global economy.

“Both the ringgit and crude oil prices are trending up, which bodes well for local market sentiment,” he added.

The local note was also traded higher against other major currencies.

It rose against the Singapore dollar to 3.0311/0368 from 3.0650/0721 yesterday and gained against the yen to 3.4861/4913 from 3.5247/5315 yesterday.

The ringgit appreciated against the British pound to 6.5363/6461 from 6.6283/6398, and increased versus the euro to 4.5730/5800 from 4.6392/6484 yesterday.

- Bernama



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