Ringgit ends sharply higher against US dollar

KUALA LUMPUR: The ringgit ended sharply higher against the US dollar today, as the greenback remained under pressure following doubts among investors over US President's Donald Trump tax reform promises and his preference for a "low interest rate policy".
At 6pm, the local unit stood at 4.3985/3015 against the greenback compared with Tuesday's close of 4.4090/4120.
A dealer said investors' interest had shifted towards Asian currencies, including the ringgit, after Trump made the low interest rate policy remarks last week, coupled with the lower-than-expected US consumer price index data released recently.
Apart from that, the dealer said an improvement in crude oil prices after the Organisation of the Petroleum Exporting Countries expressed confidence over the crude oil production cuts today, also lent a support to the local note.
The benchmark Brent Crude oil futures went up five cents to US$54.94 per barrel and the US West Texas Intermediate Crude Oil futures added three cents to US$52.44 per barrel today.
Meanwhile, the ringgit traded mixed against a basket of other major currencies.
It appreciated against the Singapore dollar to 3.1465/1505 from 3.1497/1530 on Tuesday and rose against the yen to 4.0372/0403 from 4.0539/0581..
However, the ringgit fell against the British pound to 5.6424/6489 from 5.5355/5410 and traded lower against the euro at 4.7152/7197 from 4.6978/6028. — Bernama