Ringgit Ends Higher Against US Dollar Despite Global Uncertainties

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, March 26 (Bernama) -- The ringgit closed higher against the US dollar today despite having to contend with greater uncertainties from abroad.

At 6 pm, the local note rose to 4.4280/4315 against the greenback from yesterday’s close of 4.4355/4390.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said during the morning session, the ringgit versus the US dollar appreciated to RM4.4235 but fell slightly in the afternoon session to RM4.4310, gaining 0.14 per cent compared to yesterday’s closing.

“Despite having to contend with a high degree of volatility, ringgit is deemed the third best-performing currency on a year-to-date basis, rising by one per cent from the start of the year.

“This suggests that traders and investors are still constructive about the Malaysian economy prospect,” he told Bernama.

Mohd Afzanizam said the best-performing currency in Asia is the Japanese yen as the Bank of Japan is expected to raise their policy rates owing to prospects of higher inflation going forward.

The ringgit was traded mostly higher against a basket of major currencies.    It appreciated against the euro to 4.7805/7842 from 4.7908/7946 at yesterday’s close, went up against the British pound to 5.7161/7206 from 5.7351/7396, but inched down against the Japanese yen to 2.9498/9524 from 2.9480/9503.  

The local note was also mostly higher against ASEAN currencies. 

It rose against the Philippine peso to 7.67/7.68 from 7.70/7.71, strengthened against the Thai baht to 13.0277/0453 from 13.0633/0813, and advanced against the Singapore dollar to 3.3104/3133 from 3.3158/3186 at the previous close.

However, the ringgit was flat against the Indonesian rupiah to 266.9/267.2 from 266.9/267.3.

-- BERNAMA