Ringgit closes slightly higher against US$ on cautious sentiment
KUALA LUMPUR: The ringgit closed higher against the US dollar on Tuesday, as traders remain cautious ahead of United States (US) President Donald Trump and China's President Xi Jinping's expected meeting this week, said an analyst.
At 6 pm, the local note inched higher to 4.2425/2485 versus the greenback from last Friday's close of 4.2530/2605.
SPI Asset Management managing partner Stephen Innes said traders are slipping into a wait-and-see approach ahead of the Trump-Xi meeting, which could be a key factor in market risk for the rest of the week.
"Given that the US is the world's leading importer and China its largest exporter, their relationship could shift market sentiment in favour of the dollar, easing concerns about supply chain disruptions and imported inflation.
"This dynamic leaves emerging currencies like the ringgit in a reactive position -- caught between two economic superpowers whose trade decisions heavily influence global pricing trends,' he told Bernama.
At the close, the ringgit traded lower against a basket of major currencies.
It slipped against the Japanese yen to 2.9695/9739 from Friday's close of 2.9531/9585, eased vis-a-vis the euro to 4.8415/8484 from 4.8169/8254, and depreciated against the British pound to 5.7337/7418 from 5.7284/7385 previously.
The local note traded mixed against its ASEAN peers.
It was slightly higher versus the Indonesian rupiah at 260.1/260.6 compared to 260.4/261.1 on Friday, and gained against the Philippine peso to 7.61/7.63 from 7.62/7.64 previously.
However, it fell against the Singapore dollar to 3.2967/3016 from 3.2938/3002 on Friday and weakened vis-a-vis the Thai baht to 13.0334/0603 from 12.9507/9790 previously. - Bernama
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