Ringgit ends week mixed as dollar gains amid Middle East conflict

 The market sentiment will continue to focus on the war in Iran, says analyst.

KUALA LUMPUR:

 The ringgit ended the week higher against most major currencies but edged slightly lower versus the US dollar as the greenback regained its strength on rising safe-haven demand amid the escalating Middle East conflict.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid noted that the ringgit was weaker against the greenback, with the US dollar/ringgit pair reaching RM3.9533 during the afternoon session.

Currently, the dollar-ringgit is hovering around RM3.9503, depreciating from last Friday when it closed at RM3.8925, translating into a 1.5% decline.

“Next week, the market sentiment will continue to focus on the war in Iran, and whether it will escalate into a regional conflict,” he told Bernama.

At 6pm, the ringgit stood at 3.9425/3.9535 versus the greenback from 3.9415/3.9480 at yesterday’s close.

At the close, the ringgit traded higher against a basket of major currencies.

It strengthened versus the British pound to 5.2530/5.2676 from 5.2635/5.2722 yesterday, rose against the euro to 4.5634/4.5762 from 4.5808/4.5884 and strengthened vis-à-vis the Japanese yen to 2.4973/2.5044 from 2.5080/2.5124 previously.

The local note also traded firmer against its Asean peers.

The ringgit appreciated vis-à-vis the Thai baht to 12.3392/12.3810 from 12.4711/12.5016 yesterday and gained versus the Singapore dollar to 3.0779/3.0867 from 3.0885/3.0938.

It climbed against the Indonesian rupiah to 232.9/233.6 from 233.1/233.6 and was higher versus the Philippine peso at 6.68/6.70 from 6.72/6.74. - FMT