Ringgit Ends Higher Against US Dollar

KUALA LUMPUR, Nov 8 (Bernama) -- The ringgit rebounded to end higher against the US dollar Tuesday in line with most emerging Asian currencies on the back of ongoing US Presidential election, said a dealer. At 6 pm, the local unit was traded at 4.2000/2050 against the US dollar from 4.2070/2120 on Monday. FXTM Chief Market Strategist Hussein Sayed said risk sentiment was aided by the prospects of Democratic US Presidential candidate Hillary Clinton winning the election. "In a year full of surprises, I, however, will be reluctant to take big positions and would rather hedge against the unknown especially since a Clinton win is priced in to some extent," he added. Meanwhile, the ringgit was traded mostly higher against a basket of major currencies. The local note was lower against the British pound at 5.2177/2260 from Monday's 5.2146/2212 but rose against the euro to 4.6402/6465 from 4.6525/6593 Monday. It rose against the Singapore dollar to 3.0225/0267 from Monday's 3.0260/0307 and appreciated versus the yen to 4.0188/0239 from 4.0243/0302 previously. -- BERNAMA