Ringgit ends higher against Asean currencies, eases against US dollar

 The US Dollar Index gained as risk-off sentiment strengthened amid concerns over European public finances and political instability, says analyst.

KUALA LUMPUR:

The ringgit closed higher against most Asean currencies but eased against the US dollar on Monday, amid renewed concerns over France’s public finances following a sharp sell-off in its bond market last week.

At 6pm, the ringgit eased to 4.0845/4.0890 against the greenback from Friday’s close of 4.0820/4.0870.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said the US Dollar Index gained further momentum as risk-off sentiment prevailed amid concerns over public finances and political upheaval in European economies.

“The euro fell to a 17-month low on Monday following news of a snap election in Spain.

“Hence, the ringgit remained in a tight range against the US dollar thus far,” he told Bernama.

The ringgit traded mixed against a basket of major currencies.

The local note rose against the euro to 4.5775/4.5825 from 4.5927/4.5983 at Friday’s close and gained against the Japanese yen to 2.5858/2.5886 from 2.5906/2.5941. However, it depreciated against the British pound to 5.4022/5.4081 from 5.3927/5.3993.

Meanwhile, the ringgit traded mostly higher against Asean currencies.

It edged up against the Singapore dollar to 3.1905/3.1943 from 3.1908/3.1952 at Friday’s close and strengthened against the Thai baht to 12.1234/12.1411 from 12.1579/12.1778.

The local currency was also marginally higher against the Indonesian rupiah at 227.9/228.3 versus 228.2/228.6 but was unchanged against the Philippine peso at 6.52/6.53 versus 6.52/6.54 previously. - FMT