Ringgit ends higher against US dollar

KUALA LUMPUR: The ringgit closed firmer against the US dollar today, tracking the weaker US dollar as investors shifted their attention to the nomination of the US Federal Reserve (Fed) chair, said a dealer.
At 6pm, the local unit was traded at 4.2320/2350 versus the US dollar from 4.2360/2390 on Monday.
OANDA Head of Trading Asia-Pacific Stephen Innes said US President Donald Trump was "very, very close" to deciding on the next Fed chair.
"Fed Governor Jerome Powell and Stanford University economist John Taylor were receiving market support but current Fed Chair Janet Yellen was being relegated to the sidelines," said Innes.
He said investors' focus was on the European Central Bank meeting on Thursday, which is expected to roll out its balance sheet reduction.
"Overall, investors will continue to remain cautious over the US dollar and the US interest rates," he said.
Meanwhile, the ringgit ended mostly lower against other major currencies.
The local note fell against the yen to 3.7234/7267 from 3.7174/7204 on Monday and declined against the euro to 4.9773/9825 from 4.9709/9749 yesterday.
It eased against the Singapore dollar to 3.1077/1110 from 3.1069/1103 on Monday but rose against the British pound to 5.5769/5826 from 5.5771/5828 yesterday. — Bernama