Ringgit ends higher amid 2020 Budget announcement, weaker greenback

11 Oct 2019 / 18:56 H.

KUALA LUMPUR: The ringgit continued its upward movement to close higher against the US dollar for the second consecutive day on increased buying support, as investors reacted positively to the 2020 Budget announcement, said a dealer.

At 6pm, the local note was at 4.1840/1870 against the greenback compared with Thursday’s close of 4.1920/1960.

She said the better ringgit performance was also in line with most Asian currencies as investors in the region benefited from the weaker greenback over positive developments on the US-China trade front.

US President Donald Trump was reported as describing the trade negotiations on Thursday as being “very, very good” while White House officials said they were “probably better than expected”, comforting markets that had been mired by uncertainty awaiting the meeting’s outcome.

The world’s two largest economies are seeking to reach a deal to end their protracted trade war that has seen tariffs slapped on billions of dollars worth of each other’s goods and driven worries over the global economic outlook.

The ringgit traded mostly higher against a basket of other currencies.

It appreciated against the Singapore dollar to 3.0438/0471 from 3.0450/0485 at Thursday’s close, strengthened against the yen at 3.8691/8729 from 3.9032/9080 and rose against the euro to 4.6103/6153 from 4.6238/6286.

The local currency, however, fell versus the British pound to 5.2292/2346 from 5.1373/1439 yesterday. - Bernama

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