KUALA LUMPUR: The ringgit closed higher against the US dollar today, spurred by positive market sentiment, dealers said.
The local note finished at 4.2010/2040 against the greenback from 4.2120/2180 recorded at 6 pm on Friday.
AxiCorp chief market strategist Stephen Innes said the ringgit was trading more favourably ahead of a possible Bank Negara Malaysia overnight policy rate cut, which has probably triggered a demand for Malaysian Government Securities.
On Jan 22, the central bank surprised the foreign exchange market with a 25 basis points rate cut during its first monetary policy meeting for this year.
Many economists anticipate another round of reduction during its second meeting tomorrow.
Meanwhile, the ringgit was traded mostly lower against other major currencies.
It fell against the Singapore dollar to 3.0236/0260 from 3.0215/0269 on Friday, decreased against the Japanese yen to 3.8952/8987 from 3.8749/8815, and weakened against the euro to 4.6539/6589 from 4.6517/6588.
The domestic unit, however, appreciated sharply vis-a-vis the British pound to 5.3617/3672 from 5.4343/4438 previously. – March 2, 2020, Reuters
