Ringgit ends higher against US dollar

Ringgit ends higher against US dollar
Ringgit ends higher against US dollar
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KUALA LUMPUR: The ringgit ended higher against the US dollar today following a decline in the US Dollar Index (DXY), said an analyst.

At 6 pm, the ringgit gained some ground versus the greenback to 4.7270/7320 from last Friday’s close of 4.7385/7410.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the DXY fell to 105,221 points, which led to the weaker greenback.

He also said the market players would focus on the United States inflation data with the Producer Price Index and the Consumer Price Index reports coming out on Tuesday and Wednesday.

“At the current juncture, it is still a mixed feeling as the data points to a weaker prospect with consumer sentiments falling in May.

“The University of Michigan’s survey of consumer sentiment index dropped for the second consecutive month to 67.4 points from 77.2 points in the previous month.

“However, the inflation expectation for next year has risen to 3.5 per cent in May from 3.2 per cent previously. As such, the inflation data in the US will be closely scrutinized this week,” he told Bernama.

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

It appreciated versus the Japanese yen to 3.0325/0359 from last Friday’s close of 3.0428/0446, improved vis-a-vis the British pound to 5.9215/9278 from 5.9364/9395 yesterday, and gained against the euro to 5.0967/1020 from 5.1072/ 1098 previously.

The local note also rose against ASEAN currencies.

The ringgit appreciated against the Singapore dollar to 3.4919/4959 from 3.5017/5038 at last Friday’s close and gained against the Thai baht to 12.8388/8583 from 12.9009/9137 previously.

The local note also improved vis-a-vis the Indonesian rupiah to 293.9/294.4 from 295.2/295.6 last Friday and was firmer against the Philippine peso at 8.17/8.18 compared with 8.25/8.26 previously. – Bernama

The article is in Norwegian

Tags: Ringgit ends higher dollar

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