KUALA LUMPUR: The ringgit closed marginally higher against the US dollar yesterday, trading within a narrow range as investors remained cautious ahead of key geopolitical developments this week.
At 6pm, the ringgit climbed to 4.0730/0775 against the greenback from Monday’s close of 4.0755/4.0800.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the ringgit continued to be traded cautiously against the greenback as investors monitored geopolitical developments.
This included the United Nations General Assembly and the upcoming meeting between US President Donald Trump and Chinese President Xi Jinping this week.
“Following the recent interest rate hikes by the European Central Bank, the US Federal Reserve and the Bank of Japan, markets appeared to have come to terms with the likelihood that monetary policy would remain tight until inflation begins to turn toward the 2% target,” he told Bernama, referring to the Fed target.
