Ringgit gains broadly but eases against US dollar

 The ringgit traded volatilely against the US dollar but recovered despite the greenback remaining firm, with the US Dollar Index hovering around 101 points, says an analyst.

KUALA LUMPUR:

The ringgit ended higher against major currencies on Thursday but weakened against the greenback as upbeat US economic data reinforced expectations of further Federal Reserve interest rate hikes.

At 6pm, the ringgit decreased to 4.0840/4.0880 against the greenback from Wednesday’s close of 4.0780/4.0825.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said the ringgit experienced volatile trading against the US dollar, weakening to RM4.0940 during the morning session before regaining strength to RM4.0793 in the afternoon.

“The ringgit’s recovery happened even though the US dollar remained strong, with the US Dollar Index staying at around 101 points,” he told Bernama.

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

It gained against the euro to 4.6451/4.6497 from 4.6522/4.6573 at Wednesday’s close and advanced vis-à-vis the British pound to 5.4023/5.4076 from 5.4156/5.4216. It also strengthened against the Japanese yen to 2.5723/2.5750 from 2.5836/2.5868 previously.

The local note also traded mostly higher against its Asean peers.

It slightly increased against the Singapore dollar to 3.1906/3.1940 from 3.1909/3.1947 at Wednesday’s close and strengthened versus the Thai baht to 12.1950/12.2121 from 12.2599/12.2782.

The ringgit also advanced against the Indonesian rupiah to 227.9/228.2 from 228.8/229.2 and remained unchanged against the Philippine peso at 6.51/6.52. - FMT