Ringgit Closes Higher Against Greenback On Cautious Market Sentiment

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, Feb 20 (Bernama) -- The ringgit closed higher against the US dollar on Friday, supported by cautious market sentiment amid ongoing negotiations between the US and Iran regarding the nuclear programme, said an economist.

At 6 pm, the ringgit rose to 3.8995/9055 versus the greenback from Thursday’s close of 3.9045/9125.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said that a 10 to 15-day nuclear deal deadline given by US President Donald Trump has led to a risk-off mode.

“Concern about possible military conflict has resulted in Brent crude prices going up by 0.89 per cent to US$72.30 per barrel,” he told Bernama, adding that the US government have stationed its military assets in the Middle East.

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

It appreciated versus the Japanese yen to 2.5092/5132 from 2.5221/5275 at Thursday’s close, strengthened against the euro to 4.5882/5952 from 4.6073/6168 yesterday, and edged up vis-a-vis the British pound to 5.2511/2591 from 5.2730/2838 previously.

The local note also traded higher against its ASEAN peers.

The ringgit improved versus the Singapore dollar to 3.0724/0774 from 3.0817/0882 yesterday, was higher versus the Thai baht at 12.4952/5216 from 12.5196/5521, advanced against the Indonesian rupiah to 230.8/231.3 from 231.1/231.6 at Thursday’s close, and was firmer against the Philippine peso at 6.70/6.72 from 6.73/6.75 previously.

-- BERNAMA