Ringgit ends higher against US dollar

KUALA LUMPUR: The ringgit continued its uptrend to end higher against the US dollar against a backdrop of factors that were bearish to the greenback.
At 6pm, the local unit was quoted at 4.2370/2400 against the greenback from Tuesday's close of 4.2585/2615.
A rise in crude oil prices coupled with the weaker-than-expected US jobs data, the geopolitical tension in North Korea, as well as, the US Federal Reserve's (Fed) cautious comments on low inflation numbers and the aftermath of Hurricane Harvey bolstered sentiment for the ringgit.
According to reports, Fed Governor Lael Brainard said on Tuesday that since inflation was "well short" of the target , the Fed should be mindful about raising US interest rates.
Meanwhile, market participants would also await the European Central Bank's meeting this Thursday for further clue on its monetary policy, said a dealer.
On a different note, a dealer said the benchmark Brent oil prices jumped to US$53.38/barrel yesterday as Hurricane Harvey, which brought record flooding to Texas disrupted about 20 to 25 per cent of US refining capacity.
The ringgit ended mixed against other major currencies.
It rose against the Singapore dollar to 3.1336/1368 from 3.1416/1455 on Tuesday, however, the ringgit eased versus the yen to 3.8950/8989 from 3.8926/8964, previously.
The local note improved against the euro to 5.0560/0613 from Tuesday's close of 5.0595/0644 and vis-a-vis the pound, it decreased to 5.5204/5247 from 5.5054/5105, previously. — Bernama