Ringgit closes higher against US dollar

KUALA LUMPUR: The ringgit closed higher against the US dollar today on foreign exchange traders expecting Bank Negara Malaysia (BNM) to raise interest rates in January, a dealer said.
At 6pm, the local unit was quoted at 4.0780/0810 against the US dollar from 4.0830/0860 on Thursday.
OANDA Head of Trading Asia-Pacific, Stephen Innes told Bernama, other factors supporting the local note were global central banks which are more than content erring on the side of caution and steering a dovish tack.
"This bodes well for the ringgit with BNM expected to tweak interest rates higher in January in response to surging economic growth and thwart inflationary expectations," said Innes.
Meanwhile, the ringgit traded higher against a basket of other currencies.
The local note strengthened against the Singapore dollar to 3.0286/0313 from 3.0294/0321 yesterday but depreciated against the yen to 3.6359/6389 from 3.6200/6233.
The ringgit improved against the euro to 4.8100/8152 from 4.8253/8305 and traded higher against the pound at 5.4763/4816 from 5.4929/4985. — Bernama