Ringgit closes higher, gains 0.12% against US dollar

 

KUALA LUMPUR: 

The ringgit continued to be well supported and sustained its upward momentum, gaining 0.12% against the US dollar at today’s close on continued demand, said Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid.

“The ringgit’s oversold condition from the technical standpoint may have incentivised traders to come in.

“In the absence of major data points in the US this week, market sentiments will stay guarded,” he told Bernama.

At 6pm, the local currency appreciated to 4.4685/4.4740 against the greenback, compared with yesterday’s close of 4.4705/4.4750.

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

It depreciated against the British pound to 5.6620/5.6690 from 5.6449/5.6506 at the close yesterday and declined against the euro to 4.7178/4.7236 from 4.7150/4.7198, but improved against the Japanese yen to 2.8696/2.8733 from 2.9078/2.9109 previously.

However, the local unit traded higher against regional currencies.

It rose against the Philippine peso to 7.58/7.59 from 7.60/7.61 at yesterday’s close and strengthened against the Indonesian rupiah to 281.5/282 from 282.1/282.5.

The ringgit was also higher against the Singapore dollar to 3.3290/3.3333 from 3.3345/3.3381 and gained against the Thai baht to 12.8679/12.8889 from 12.9201/12.9384 previously. - FMT