KUALA LUMPUR: The ringgit closed higher against the US dollar today (Tuesday) as the greenback wavered on concerns over US President Donald Trump’s tough stance on immigration, dealers said.
The local unit traded at 4.4280/4310 against the US dollar from last Friday’s close of 4.4300/4330.
A dealer said the ringgit’s performance was also in line with most emerging Asian currencies which also gained against the dollar. “There are uncertainties in the market over Trump’s policy priorities and its impact on US economic outlook.
“His order on a temporary ban on the entry of refugees and people from seven Muslim-majority countries weighed on the US dollar,” he added.
Investors are now looking at the US Federal Reserve’s (Fed) two-day policy meeting which begins later today for market direction. However, the Fed is widely expected to keep US interest rates unchanged. There will be no trading of the ringgit on Wednesday in lieu of the Federal Territory Day holiday.
Meanwhile, the ringgit traded lower against a basket of major currencies, except the British pound.
It fell against the yen to 3.8897/8930 from 3.8522/8565 last Friday, slipped against the Singapore dollar to 3.1212/1244 from 3.1046/1078 and declined against the euro at 4.7415/7460 from 4.7370/7411.
The local unit rose against the British pound to 5.4965/5020 from 5.5588/5643 previously.
