KUALA LUMPUR: The ringgit closed higher against the US dollar today, amid the weak demand for the greenback, boosted by bullish 2018 trade data and ahead of the outcome of the Federal Open Market Committee meeting, dealers said.
At 6 pm, the ringgit was quoted at 4.1050/1100 against the greenback from 4.1100/1140 on Tuesday.
Malaysia’s total trade in 2018 remained resilient, expanding 5.9 per cent to RM1.876 trillion from RM1.771 trillion in 2017, due to stronger-than-expected export growth for the year under review.
Despite uncertainties in the global environment, exports rose 6.7 per cent, year-on-year, to reach RM998.01 billion while imports increased 4.9 per cent to RM877.74 billion.
Meanwhile, the Federal Reserve is expected to leave interest rates unchanged, after raising them four times last year.
Against other major currencies, the ringgit was traded mostly higher.
It rose against the Singapore dollar to 3.0385/0433 against 3.0397/0429 on Tuesday, advanced versus the British pound to 5.3804/3886 from yesterday’s 5.4108/4177 and increased against the euro to 4.6920/6998 from 4.7018/7068.
However, the local currency depreciated vis-a-vis the Japanese yen to 3.7530/7586 from 3.7548/7595 previously. – Bernama
