Ringgit flat against US dollar, firmer vs major currencies

 The markets are hopeful that some sort of resolution can be achieved between the US and Iran, says analyst.

KUALA LUMPUR:

 The ringgit closed mostly higher against major currencies today, while remaining stable versus the US dollar.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the government is adopting a targeted approach to improve small businesses’ access to financing during challenging times, helping to underpin overall market sentiment.

The ringgit appreciated slightly by 0.09% to RM3.9615 against the greenback in the early session.

Meanwhile, he noted that the US Dollar Index (DXY) was steady at 98 points as developments on negotiations between the US and Iran were not forthcoming.

“It appears that the markets are hopeful that some sort of resolution can be achieved between the two countries,” he told Bernama.

At 6pm, the ringgit was unchanged at 3.9630/3.9670 against the greenback.

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

It rose against the euro to 4.6312/4.6358 from 4.6343/4.6390 at the close yesterday, inched up versus the Japanese yen to 2.4808/2.4834 from 2.4809/2.4836 yesterday and strengthened against the British pound to 5.3429/5.3483 from 5.3504/5.3558 previously.

At the same time, the local currency traded mixed against regional peers.

It appreciated against the Singapore dollar to 3.1009/3.1043 from 3.1041/3.1075 yesterday, and appreciated against the Philippine peso to 6.52/6.53 from 6.55/6.56 yesterday.

However, the local currency fell against the Thai baht to 12.2183/12.2363 from 12.2066/12.2242, while easing against the Indonesian rupiah to 230.0/230.3 from 229.2/229.5. - FMT