KUALA LUMPUR: The ringgit settled higher against the US dollar on Tuesday, rebounding after 10 straight trading days of loss, lifted by renewed demand as investors were optimistic about the global economic outlook.

       At 6 pm, the ringgit stood at 4.2025/2055 against the greenback from 4.2370/2395 at Monday’s close.

       A dealer said the market sentiment was lifted by hopes that the new Omicron COVID-19 variant would not derail the global economic recovery.

       "The ringgit was also supported by China’s encouraging economic data,” he said.

       Another dealer said the price of oil climbed on Tuesday, extending the rebound from last week’s fall on growing expectations that major oil producers would pause plans to add crude supply in January amid uncertainty over the severity of the Omicron variant.

       The local note was also traded higher vis-a-vis a basket of major currencies,

       The ringgit was higher against the Singapore dollar at 3.0743/0769 from 3.0968/0990 at Monday's close and rose versus the British pound to 5.6158/6198 from 5.6517/6551 last week

       It also strengthened against the Japanese yen at 3.7230/7260 from 3.7376/7402 and improved against the euro to 4.7753/7787 from 4.7819/7847. - Bernama