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Ringgit closes higher on US-Korean summit news

June 4, 2018 10:54 AM
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Ringgit closes higher on US-Korean summit news

KUALA LUMPUR: The ringgit closed higher today against the US dollar in tandem with Asian emerging currencies following news that the United States-North Korea summit would be held next week, said a dealer.

At 6pm, the local unit was quoted at 3.9700/9740 from 3.9770/9800 last Friday.

The dealer said if the outcome of the summit was positive, it would ensure stability and security in the region.

US President Donald Trump, who last month cancelled his summit with North Korea's Leader Kim Jong-un, said last Friday that the summit, to be held in Singapore, was back on.

On another note, OANDA Head of Trading in Asia-Pacific Stephen Innes said the ringgit remained relatively quiet in the currency market although fund outflows had subsided, reducing some pressure on the local currency.

"There is currently less demand for the ringgit due to insufficient foreign engagement in the local markets. The local currency market needs a spark," Innes told Bernama.

Meanwhile, the local unit was traded mostly lower against a basket of currencies.

The ringgit weakened against the British pound to 5.3146/3208 from 5.2902/2946 on Friday and depreciated against the euro at 4.6564/6619 from 4.6551/6594 previously.


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