Ringgit Closes Mostly Higher Against Major Currencies, Slightly Lower Versus US Dollar

By Abdul Hamid A Rahman

KUALA LUMPUR, April 9 (Bernama) -- The ringgit closed mostly higher against major currencies today, but eased slightly against the US dollar amid concerns over the durability of the ceasefire between the United States and Iran.

At 6 pm, the local note edged down to 3.9795/9845 against the greenback from 3.9735/9785 at Wednesday’s close.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said Iran claimed there had been violations of the truce following Israel’s bombardment towards Lebanese territory.

“Consequently, West Texas Intermediate (WTI) and Brent crude prices rose by around 3.47 per cent and 3.63 per cent to US$97.69 per barrel and US$98.19 per barrel, respectively.

“As such, risk aversion persists, leading traders and investors to adopt a more defensive trading strategy,” he told Bernama.

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

It rose against the British pound to 5.3337/3404 compared with 5.3348/3415, and improved against the Japanese yen to 2.5028/5061 from 2.5071/5104, while it fell against the euro to 4.6457/6515 from 4.6407/6465, from yesterday’s close.

At the same time, the local currency traded mostly higher against ASEAN currencies.

It was higher versus the Indonesian rupiah to 232.8/233.2 from 233.5/233.9, increased against the Thai baht to 12.3976/4201 from 12.4056/4282, and rose against the Philippine peso to 6.66/6.67 from 6.68/6.70. However, the ringgit was lower against the Singapore dollar, at 3.1204/1246, compared with 3.1155/1199  previously.

-- BERNAMA