Ringgit ends higher against US dollar

KUALA LUMPUR: The ringgit closed higher against the US dollar today on an optimistic outlook for the local unit.
At 6pm, the local unit was traded at 4.2290/2320 against the greenback from 4.2300/2330 on Wednesday.
FXTM Global Head of Currency Strategy and Market Research Jameel Ahmad, in an interview with Bernama, said the ringgit might advance gradually to breach the psychological level of 4.0 against the US dollar as it has stabilised and formed a strong base at the current level.
"Hypothetically, the best scenario for the ringgit would probably be around 3.80-3.90 range (against the US dollar), and the market expects it may happen in quarter two or quarter three next year," he said.
The ringgit, however, was mixed against a basket of major currencies.
It was lower against the Singapore dollar at 3.1089/1115 from 3.1080/1116 yesterday but strengthened versus the yen at 3.7083/7113 from 3.7105/7135 on Wednesday.
The ringgit firmed to 5.5967/6032 from 5.6229/6286 compared with the British pound yesterday but eased against the euro to 4.9226/9273 from 4.9203/9242 previously. — Bernama