KUALA LUMPUR: The ringgit reversed earlier losses to end firmer against the US dollar today, as market sentiment remained positive amid the ongoing trade talks between the US and China.
At the closing bell, the ringgit rose 50 basis points to 4.0780/0830 against the US dollar from 4.0830/0880 on Monday.
A dealer said growing expectations for a trade detente had boosted investors’ risk appetite, resulting in a higher demand for riskier emerging market currencies like the ringgit compared with safe-haven currencies like the greenback.
“The positive mood had offset the impact of the easing crude oil prices, “ he said.
Trade negotiations between the US and China reportedly went smoothly last week in Beijing, and the talks will resume in Washington later today.
Benchmark Brent crude was traded at US$66.32 per barrel at 6.12pm, down 27% from its last settlement.
At the close, the ringgit also traded higher against other major currencies.
It increased against the Singapore dollar to 3.0052/0093 from 3.0100/0145 on Monday and advanced against the British pound to 5.2680/2761 from 5.2724/2797.
Vis-a-vis the Japanese yen, the local unit rose to 3.6812/6867 from 3.6934/6982 previously while against the euro, it strengthened to 4.6085/6158 from 4.6195/6264. — Bernama
