Ringgit closes higher, benefitting from greenback's two-month low

KUALA LUMPUR: The ringgit closed higher against the US dollar today, benefiting from the greenback's two-month low hit last week, a dealer said.
At 6pm, the local unit ended at 4.1130/1160 against the US dollar from 4.1155/1185 last Friday.
The dealer said the trading of ringgit against the US dollar would likely be on a yo-yo trend this week, as traders were cautious ahead of the meeting between President Donald Trump and Senate Republicans.
"President Trump will meet the Senate Republicans to discuss the party's efforts to pass the tax reform legislation, which they both aimed to score their first legislation victory together.
Besides this, the dealer said, the market would also focus on the announcement of the new Federal Reserve Chair.
Meanwhile, against a basket of major currencies, the local note was traded lower.
It fell against the Singapore dollar to 3.0559/0593 from 3.0553/0584 last Friday and weakened against the euro to 4.9064/9112 from 4.8835/8887 last week.
It decreased against the British pound to 5.4900/4944 from 5.4839/4895 last Friday and eased vis-a-vis the yen to 3.6961/6998 from 3.6927/6964 previously. — Bernama