News of US-Mexico trade agreement has affected global currency, including our Ringgit, which rose stronger against US Dollar.
Ringgit stood at 4.1290/1330 today compare to yesterday, which is 4.1350/1400.
FXTM Global Head of Currency Strategy and Market Research Jameel Ahmad said the ringgit managed to find some support from a weakening greenback after news filtered through that the United States had unexpectedly reached a trade agreement with Mexico.
However, he said the emerging market sentiment remains pressured with concerns still present about the protracted trade negotiations between the United States and China, which are yet to publicly yield any progress.
“The ringgit has, for the most part, traded in a narrow range, with 4.10 remaining as a psychological pivot point in the US$/MYR,” he told Bernama.
The ringgit, however, was traded mostly lower against other major currencies.
It depreciated against the Singapore dollar to 3.0256/0289 from 3.0216/0261 on Thursday but strengthened against the yen to 3.6686/6725 from 3.6837/6898 Thursday.
It went down against the euro to 5.4771/4845 from 5.4594/4677 and decreased against the British pound to 4.8623/8687 from 4.8380/845.