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KUALA LUMPUR, April 6 -- The ringgit reversed its losses yesterday to close higher against the US dollar today as the greenback fell on the back of rallying United States’ (US) equities market, said a dealer.
At 6 pm, the local currency was traded at 4.1300/1330 against the greenback, compared with 4.1400/1450 at Monday’s close.
Axi chief global markets strategist Stephen Innes said the dollar has continued to struggle due to softer US yield, which aided oil prices.
“The US dollar is weaker through the global risk-on channel as forex traders are selling the dollar in anticipation that investors will be putting more money to work outside of the US,” he said.
Meanwhile, the ringgit was traded mixed against other major currencies.
At 6 pm, the local note strengthened vis-a-vis the yen to 3.7376/7406 from 3.7422/7477 yesterday and rose versus the British pound to 5.7110/7168 from 5.7360/7437 previously.
However, it had weakened against the Singapore dollar to 3.0791/0820 from 3.0776/0825 yesterday and fell against the euro to 4.8775/8827 from 4.8604/8671 at Monday’s close.