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BUSINESS • 24/12/2024 10:20 AM

Ringgit Edges Higher Against US Dollar Despite Stronger DXY

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, Dec 24 (Bernama) -- The ringgit opened marginally higher against the US dollar on Tuesday, supported by improved buying sentiment for the domestic currency despite a stronger US Dollar Index (DXY).

At 8 am, the ringgit was trading at 4.4860/4960 against the greenback, up from Monday’s close of 4.4870/4925.

UOB Kay Hian Wealth Advisors’ head of investment research, Mohd Sedek Jantan, noted that the DXY rose 0.45 per cent overnight, surpassing 108 and approaching a two-year high.

“This came as markets continued to digest last week’s Federal Open Market Committee (FOMC) meeting, which signalled a more measured pace of interest rate cuts in 2025,” he told Bernama.

He added that the Asia Dollar Index opened higher, but the MSCI Emerging Market Currency Index slipped 0.1 per cent, dragged down by declines in the Brazilian real and South African rand

The ringgit strengthened against several major currencies. It appreciated against the Japanese yen to 2.8537/8602 from Monday’s close of 2.8636/8673, rose against the British pound to 5.6219/6344 from 5.6384/6453, and edged higher against the euro to 4.6668/6772 from 4.6692/6749.

The local note showed mixed performance against ASEAN currencies. It gained against the Singapore dollar, trading at 3.3051/3127 compared with 3.3095/3138 previously, and strengthened against the Thai baht to 13.0772/1186 from 13.1137/1360.

However, it remained flat against the Indonesian rupiah at 276.9/277.7 from 276.9/277.5 and against the Philippine peso at 7.67/7.69 from 7.67/7.68.

-- BERNAMA

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