KUALA LUMPUR: The ringgit extended its trend to appreciate against the US dollar today, spurred by positive developments revolving the US-China trade talks.
At 6pm, the ringgit rose 140 basis points or 0.33% to end 4.1880/1910 against the US dollar from yesterday’s close of 4.2020/2050.
Axi Trader Asia-Pacific market strategist Stephen Innes said it was a very positive environment for regional risk sentiment following reports that the US and China would get back to the negotiating table for the trade talks.
“Still it’s unlikely anything concrete will come out of the meetings at this stage. So, the greenback was bought on dips at 4.19 level,“ he told Bernama.
According to a statement from China’s Ministry of Commerce, both countries agreed to hold high-level trade talks in Washington in early October.
Against a basket of major currencies, the ringgit traded mostly higher at the close.
The ringgit rose against the Singapore dollar to 3.0249/0275 from Wednesday’s 3.0311/0341 and strengthened versus the euro to 4.6244/6294 from 4.6306/6343.
Vis-a-vis the yen, the ringgit was higher at 3.9302/9341 from 3.9556/9588 yesterday, but lower at 5.1508/1558 from 5.1214/1267 against the British pound. — Bernama
source https://www.thesundaily.my/business/ringgit-extends-uptrend-against-us-dollar-KC1343279
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