Ringgit Strengthens Against US Dollar And Major Currencies

By Siti Noor Afera Abu

KUALA LUMPUR, April 21 (Bernama) -- The ringgit strengthened against the US dollar and other major currencies at Tuesday’s close, despite a firmer US Dollar Index, as investors closely monitored developments and anticipated the outcome of ongoing negotiations between the United States and Iran.

At 6 pm, the local note firmed to 3.9490/9530 against the greenback, from 3.9515/9555 on Monday.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said currency markets were mixed in Asia as traders and investors awaited the eventual outcome of the negotiations.

So far, he said, West Texas Intermediate (WTI) and Brent crude prices fell by 1.06 per cent and 0.84 per cent to US$88.66 per barrel and US$94.68 per barrel.

“It appears there is optimism in the market that some resolution could be achieved. Nonetheless, the prevailing situation is highly fluid and hence, the risk is rather high for now,” he told Bernama.

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

It strengthened against the British pound to 5.3323/3377 from 5.3412/3466 at yesterday’s close, rose vis-à-vis the euro to 4.6436/6483 from 4.6489/6536 and appreciated versus the Japanese yen to 2.4802/4829 from 2.4863/4890.

The local currency traded mixed against regional peers.

It advanced against the Singapore dollar to 3.1043/1077 from 3.1077/1111 and inched up against the Thai baht at 12.2983/3162 from 12.3127/3313.

However, the ringgit eased against the Indonesian rupiah to 230.3/230.7 from 230.1/230.5 and slipped against the Philippine peso at 6.59/6.60 compared with 6.58/6.60 previously.  

-- BERNAMA