Ringgit closes higher against US dollar


The ringgit closed stronger against the US dollar today on optimism of positive outcomes from the US-China trade talks on the sidelines of the G20 meeting in Osaka, Japan this weekend.

At 6 pm, the local currency stood at 4.1420/1460 versus the greenback compared with 4.1450/1500 on Wednesday.

FXTM research analyst Lukman Otunuga said the fact that the US and China had agreed to a tentative tariff truce ahead of the G20 meeting suggested that there was still some light at the end of the trade war tunnel.

“A market-friendly outcome will be for the both sides, to display co-operation and a strong interest in further negotiations to ease trade tensions that have winded the global economy,” he said.

At the close, the ringgit was mixed against a basket of major currencies.

The local currency strengthened against the Singapore dollar to 3.0573/0620 from 3.0608/0650 on Wednesday and appreciated against the Japanese yen to 3.8420/8446 from 3.8490/8547.

The ringgit weakened against the pound to 5.2649/2716 from 5.2571/2651 and depreciated against the euro to 4.7115/7165 from 4.7083/7144.