RINGGIT ENDS HIGHER AHEAD OF US-CHINA PHASE 1 TRADE DEAL (SCREEN)

NURUL JANNAH KAMARUDDIN

KUALA LUMPUR, Jan 13 --  The ringgit extended its upward momentum last week to settle higher against the US dollar and a basket of peers today, ahead of the signing of a “phase one” trade deal between the United States and China later this week.

At 6pm, the ringgit stood at 4.0610/0640 against the US dollar from 4.0750/0780 at Friday's close.

AxiTrader chief Asia market strategist Stephen Innes said the signing of the trade deal will give a boost to ASEAN exporters, equity/bond inflows and sensitive currencies like the ringgit.

"The ringgit was undervalued relative to regional peers, so we are starting to see the catch up unfold, even more so as the yuan veers on a bullish tack ahead of the signing of the ‘phase one’ trade deal," he said.