KUALA LUMPUR: The ringgit closed higher against the US dollar today on renewed buying interest in the currency.
At 6pm, the local unit was quoted at 4.2190/2220 against the US dollar, from 4.2300/2330 on Thursday.
A dealer said the local currency rebounded today as the greenback retreated from recent gains on profit-taking.
“The recent greenback rally was pinned on hopes of another round of interest rate hikes, and US President Donald Trump’s proposal on Wednesday for the biggest tax reform in three decades. But many remain sceptical about the US dollar's long-term outlook,” he added.
The ringgit also traded higher against other major currencies.
It rose against the Singapore dollar to 3.1063/1097 from Thursday's 3.1076/1109, and improved against the British pound to 5.6425/6482 from 5.6564/6621. It appreciated against the yen to 3.7499/7532 from 3.7513/7550, but eased against the euro to 4.9788/9828 from 4.9770/9818 on Thursday. — BERNAMA