Ringgit closes higher despite global uncertainties

 

KUALA LUMPUR: 

The ringgit closed higher against the US dollar today despite having to contend with greater uncertainties from abroad.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said during the morning session, the ringgit versus the US dollar appreciated to RM4.4235 but fell slightly in the afternoon session to RM4.4310, gaining 0.14% compared to yesterday’s closing.

“Despite having to contend with a high degree of volatility, the ringgit is deemed the third best-performing currency on a year-to-date basis, rising by 1% from the start of the year.

“This suggests that traders and investors are still constructive about the Malaysian economy’s prospect,” he told Bernama.

Afzanizam said the best-performing currency in Asia is the Japanese yen as the Bank of Japan is expected to raise its policy rates owing to prospects of higher inflation going forward.

At 6pm, the local note rose to 4.4280/4.4315 against the greenback from yesterday’s close of 4.4355/4.4390.

The ringgit traded mostly higher against a basket of major currencies.

It appreciated against the euro to 4.7805/4.7842 from 4.7908/4.7946 at yesterday’s close, went up against the British pound to 5.7161/5.7206 from 5.7351/5.7396, but inched down against the Japanese yen to 2.9498/2.9524 from 2.9480/2.9503.

The local note was also mostly higher against Asean currencies.

It rose against the Philippine peso to 7.67/7.68 from 7.70/7.71, strengthened against the Thai baht to 13.0277/13.0453 from 13.0633/13.0813, and advanced against the Singapore dollar to 3.3104/3.3133 from 3.3158/3.3186 at the previous close.

However, the ringgit was flat against the Indonesian rupiah to 266.9/267.2 from 266.9/267.3. - FMT