KUALA LUMPUR, Dec 9 ― The ringgit rose against the US dollar at the close today amid weakening demand for the greenback. 

At 6pm, the local note strengthened to 4.0630/0650 against the US dollar from Tuesday’s close of 4.0700/0740.

Axi chief global market strategist Stephen Innes said US stimulus hopes seemed to be carrying the day for the ringgit and a surprising rebound in oil prices due to heightened Middle East tensions after two oil wells were attacked in Iraq.

"However, a bit of caution will need to be exercised on long ringgit positions due to oil price uncertainly and year-end US dollar funding pressure are starting to build,” he told Bernama. 

Meanwhile, the ringgit traded weaker against other major currencies.

It rose against the Singapore dollar to 3.0421/0438 from 3.0478/0519 at Tuesday’s close and fell vis-a-vis the British pound to 5.4623/4666 from 5.4335/4396 yesterday. 

The ringgit increased against the euro to 4.9260/9296 from Tuesday’s 4.9353/9418 and appreciated against the Japanese yen to 3.9030/9056 from 3.9131/9173. ― Bernama