Ringgit Ends Higher Against US Dollar On Improved Market Sentiment

By K. Naveen Prabu

KUALA LUMPUR, Sept 21 (Bernama) -- The ringgit closed higher against the United States dollar on Monday amid improved market sentiment as oil prices fell following fresh momentum for US-Iran talks.

At 6 pm, the local note increased to 4.0755/4.0800 versus the greenback from Friday’s close of 4.0795/0840. 

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said market sentiment improved following indications that US President Donald Trump could meet Iranian President Masoud Pezeshkian on the sidelines of the United Nations General Assembly this week.

“Market sentiment has improved somewhat, leading to the appreciation of emerging market currencies, including the ringgit,” he told Bernama. 

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

It gained against the euro to 4.6783/6834 from 4.6849/6901 at Friday’s close and advanced vis-à-vis the British pound to 5.4542/4603 from 5.4543/4603. However, it decreased versus the Japanese yen to 2.5916/5946 from 2.5829/5860 previously.

The local note traded mixed against its ASEAN peers. 

It appreciated vis-à-vis the Philippine peso to 6.49/6.50 from 6.50/6.51 at the end of last week and climbed versus the Indonesian rupiah to 228.3/228.6 from 229.7/230.0.

However, the ringgit weakened against the Singapore dollar to 3.1950/1987 from 3.1933/1971 at Friday’s close and declined versus the Thai baht to 12.2450/2637 from 12.2383/2562 previously.

-- BERNAMA