Ringgit closes marginally higher versus US dollar

 

KUALA LUMPUR: The ringgit trimmed its losses to end the week marginally higher against the US dollar today, despite the firmer greenback following robust US economic data.

At 6pm, the local note stood at 4.5350/4.5405 versus the greenback from yesterday’s closing rate of 4.5365/4.5395.

Bank Muamalat Malaysia Bhd chief economist and social finance head Afzanizam Abdul Rashid said, however, the ringgit continued to remain weak despite remarks that suggested the US debt ceiling standoff will be resolved.

“On the home front, Malaysia’s trade for April which recorded negative growth also suggests the external demand outlook is increasingly challenging amid the ongoing US debt ceiling concern,” he told Bernama.

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

It strengthened vis-a-vis the British pound to 5.6370/5.6438 versus 5.6452/5.6490 at the close yesterday, rose against the euro to 4.8978/4.9037 from 4.9076/4.9108 and increased against the Japanese yen to 3.2839/3.2881 from 3.2926/3.2950 previously.

The local note traded mostly higher against other Asean currencies.

It appreciated versus the Indonesian rupiah to 303.6/304.2 from 305.0/305.4 at Thursday’s close, improved to 3.3715/3.3758 against the Singapore dollar from 3.3724/3.3748 yesterday and increased vis-a-vis the Thai baht to 13.1862/13.2083 from 13.2105/13.2247.

However, the ringgit slid against the Philippine peso at 8.14/8.16 from 8.11/8.13 previously. - FMT