Ringgit rebounds against US dollar

Ringgit rebounds against US dollar

KUALA LUMPUR,. The ringgit rebounded to open firmer against the US dollar today as the greenback retreated from recent gains ahead of the outcome of US midterm elections, a dealer said.

At 9am, the local unit stood at 4.1630/1680 versus the US dollar, from 4.1730/1780 recorded at 6pm on Monday.

The local market was closed yesterday for the Deepavali public holiday.

The dealer said yesterday’s US midterm elections will determine whether Republicans can maintain control of both houses of Congress.

Market players widely expect the Democrats to take control of the House of Representatives, while Republicans are seen maintaining control of the Senate, the dealer said.

“Republicans are seen as being more business-friendly. If Democrats regain control, this means some of President Donald Trump’s key policies could face fierce opposition in the remaining two years of his first term at the White House,” he added.

Meanwhile, the ringgit traded mostly higher against other major currencies.

It fell against the Singapore dollar to 3.0340/0383 from 3.0325/0372 on Monday, declined versus the British pound to 5.4639/4713 from 5.4266/4347, and weakened against the euro to 4.7695/7769 from 4.7493/7554.

The ringgit, however, appreciated vis-a-vis the Japanese yen to 3.6782/6836 from 3.6838/6885. — Bernama