KUALA LUMPUR, Jan 10 ― The ringgit closed 0.44 per cent higher against the US dollar today in line with bullish Asian currencies, on a weaker greenback as the United States Federal Reserve was anticipated to put on hold its rate tightening cycle in 2019.
At 6pm, the local currency was traded at 4.0950/1000 against the greenback from yesterday’s close of 4.1130/1160.
OANDA head of trading for Asia Pacific Stephen Innes said the dovish Federal Open Market Committee meeting minutes also triggered the weakness in the US dollar, which worked in favour of the local note.
“We see key support for the ringgit at 4.10 level but should global oil prices move higher, we see the ringgit trading higher towards the 4.05 level against the US dollar,” he told Bernama.
Meanwhile, the ringgit was traded mixed against other major currencies.
The local unit edged higher versus the Singapore dollar to 3.0286/0334 from 3.0310/0336 yesterday and rose against the British pound to 5.2256/2337 from 5.2445/2504.
However, the local note weakened against the Japanese yen to 3.7882/7931 from 3.7755/7796 and was lower against the euro at 4.7191/7253 from 4.7135/7178. ― Bernama
Source: The Malay Mail Online