Selangor Journal
Picture shown for illustration purposes only. — Picture by BERNAMA

Ringgit closes higher against US dollar

KUALA LUMPUR, Nov 7 — The ringgit ended Monday’s trading session higher against the US dollar amid positive sentiment in global equity markets.

At 6pm, the local note improved to 4.7385/7420 against the greenback from last Friday’s close of 4.7460/7495.

SPI Asset Management managing director Stephen Innes said the ringgit’s gains versus the US dollar would, however, be limited ahead of Thursday’s release of the US Consumer Price Index (CPI).

According to him, the US CPI would be the next marker for the Federal Open Market Committee on how high to take interest rates.

Innes also said that Asia traders were looking for signs of a China reopening, and markets would pre-position for a reopening by buying regional equities and the Chinese yuan.

“Eventually, this should feed through to the ringgit, but locally we need to clear the political risk around the general election. Then the local note should trade more closely to underlying moves in the Chinese yuan,” he told Bernama.

Meanwhile, the ringgit was traded lower against a basket of major currencies.

It depreciated against the Singapore dollar to 3.3731/3761 from 3.3517/3546 last Friday and decreased vis-à-vis the Japanese yen to 3.2303/2329 from 3.2111/2137 previously.

The local currency also weakened against the euro to 4.7323/7358 from 4.6383/6417 at Friday’s close and eased versus the British pound to 5.4227/4267 from 5.3231/3270.

— Bernama

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