KUALA LUMPUR, Oct 23 — The ringgit closed marginally higher today lifted by the positive sentiment about the United States-China trade negotiations, said an analyst.
At 6pm, the local note was quoted at 4.1860/1890 against the greenback, compared with Tuesday’s close of 4.1870/1900.
AxiTrader Asia Pacific market strategist Stephen Innes said, however, some investors were sidelined as they were waiting for the next big catalyst which could be a rollback on existing trade tariffs.
“In the meantime, I expect the ringgit to languish within the broader 4.17 to 4.20 range against the US dollar, ahead of the Asia-Pacific Economic Cooperation (Apec) meeting where we could see a small relief rally when phase one of the US-China trade deal is signed,” Innes told Bernama.
On the local front, he said the weaker Malaysia inflation print which was below market expectations was a bit negative for the ringgit, which saw a break above the 4.19 level early today as the level of economic activity in the country is failing to trigger an inflation spark.
The Department of Statistics Malaysia today reported that the Consumer Price Index (CPI) increased 1.1 per cent in September 2019 to 121.8 as against 120.5 in the same month of the preceding year.
Meanwhile, the local note was traded mostly firmer against other major currencies.
It marginally appreciated against the Singapore dollar to 3.0707/0734 from 3.0730/0757 but eased against the yen to 3.8620/8651 from 3.8558/8589.
The ringgit improved against the British pound to 5.3794/3850 from 5.4138/4198 and gained against the euro to 4.6506/6557 from 4.6660/6702 on Tuesday. — Bernama