Ringgit Ends Higher Against US Dollar On Favourable Asian Currency Sentiment
By Abdul Hamid A Rahman
KUALA LUMPUR, July 3 (Bernama) -- The ringgit ended higher against the US dollar at the close of the trading week, supported by favourable Asian currency sentiment following the latest United States Nonfarm Payrolls (NFP) data.
At 6 pm, the local note appreciated to 4.0690/0735 against the greenback from Thursday’s close of 4.0780/0830.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the latest NFP data was the main catalyst, as the figure came in below expectations, suggesting that the US Federal Reserve was not in a hurry to raise its benchmark interest rate.
“The ringgit strengthened to as high as 4.0600 against the greenback during the morning session, but later pared some gains in the afternoon before settling at the current closing level,” he told Bernama.
Mohd Afzanizam added that Asian currencies performed favourably against the US dollar today.
At the close, the ringgit was mostly higher against a basket of major currencies.
It rose versus the British pound to 5.4325/4385 from 5.4401/4467 at the close on Thursday, and gained against Japanese yen to 2.5253/5281 from 2.5295/5327 previously.
However, it was lower against the euro at 4.6553/6606 from 4.6526/6583 yesterday.
The local note was mostly lower against regional currencies.
It slid against the Singapore dollar to 3.1521/1558 from 3.1517/1558, and slipped against the Thai baht to 12.2782/2966 from 12.2411/2613 yesterday.
Meanwhile, it was higher against the Indonesian rupiah to 226.5/226.8 from 226.6/226.9, and unchanged against the Philippine peso at 6.62/6.63 compared to yesterday’s close.
-- BERNAMA