KUALA LUMPUR: The ringgit strengthened against the US dollar today after fluctuating over the past three days, supported by positive external sentiment, a dealer said.
At 6pm, the local currency stood at 4.1480/1530 versus the US dollar compared with yesterday's closing of 4.1650/1710.
Axi chief global market strategist Stephen Innes said the recent development in the United States (US) presidential election promises to be positive for Malaysia, since a potential win by Democratic presidential candidate Joe Biden will reduce the possibility of a US-China trade war escalation.
"Meanwhile, I believe that the ringgit versus US dollar is getting held back by Budget 2021 concerns, as market is observing the government through the lens of the latest COVID-19 outbreak.
"The ringgit could be better if not for budget concerns," he told Bernama.
Conversely, the ringgit had weakened against other major currencies at the close today.
It fell against the Singapore dollar to 3.0626/0672 from yesterday's close of 3.0502/0559 and declined against the British pound to 5.4115/4197 from 5.4024/4110 previously.
It had also weakened further against the euro to 4.8926/8989 from Wednesday's close of 4.8626/8701 and fell vis-a-vis the yen at 3.9789/9841 from 3.9704/9769 yesterday.