KUALA LUMPUR: The ringgit closed higher against the US dollar today as market sentiment for the local note was lifted on hopes of a resolution over the US-China trade talks and ahead of the release of Malaysia’s 2018 and fourth quarter gross domestic product (GDP) data tomorrow.
At the close, the ringgit climbed to its six-month high of 4.0650/0690 against the US dollar from 4.0770/0800 recorded yesterday.
A dealer said market players were upbeat on emerging market currencies after US President Donald Trump said the United States could extend the 90-day truce with China, which is due to end on March 1, if the two sides reach a complete deal this Thursday.
“On Malaysia’s GDP performance, market players expect the economy to register faster growth in the fourth quarter driven by exports and private consumption,” he added.
Meanwhile, against other major currencies, the ringgit was traded mixed.
It rose against the Singapore dollar to 2.9982/0016 from 3.0004/0031 and improved against the yen to 3.6724/6764 from 3.6876/6913
However, it fell against the euro to 4.6016/6073 from 4.5960/6010 and depreciated against the British pound to 5.2382/2437 from 5.2369/2428 yesterday. — Bernama