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Friday, March 31, 2023

Ringgit ends higher against greenback amid market volatility


KUALA LUMPUR: The ringgit ended the final day of the week on a higher note against the US dollar today amid volatility in the foreign exchange market.

At 6pm, the local currency ticked up to 4.4130/4.4175 versus the greenback compared with yesterday’s closing rate of 4.4185/4.4225.

Bank Muamalat Malaysia chief economist Afzanizam Abdul Rashid said ahead of the release of the US core personal consumption expenditure data later today, the markets have come out of a period where risk-off mode was prevalent in the wake of the bank crisis in the US along with heightening concern over major banks in Europe.

“The backstop measures provided by the Federal Reserve as well as the willingness of other private banks to take over the affected financial institutions have managed to calm the markets,” he told Bernama.

Back home, the ringgit traded mostly lower against a basket of major currencies.

It rose against the Japanese yen to 3.3083/3.3122 compared with 3.3282/3.3315 at Thursday’s close, but dropped versus the British pound to 5.4580/5.4636 from 5.4533/5.4582 yesterday and declined vis-a-vis the euro to 4.8036/4.8084 from 4.7985/4.8028.

The ringgit traded mixed against Asean currencies.

It was firmer versus the Singapore dollar at 3.3185/3.3224 compared with 3.3244/3.3279 at yesterday’s close and flat vis-a-vis the Philippine peso at 8.12/8.13 from 8.12/8.13 previously.

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The local currency depreciated versus the Indonesian rupiah to 294.20/294.70 from 293.60/294.00 at Thursday’s close and weakened against the Thai baht to 12.9031/12.9220 from 12.8970/12.9147 yesterday. - FMT

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