Ringgit Strengthens Against US Dollar On Improved Market Sentiment

By Fatin Umairah Abdul Hamid

KUALA LUMPUR, Nov 24 (Bernama) -- The ringgit rose against the US dollar on Monday, supported by improved sentiment as diminished expectations for a December United States interest rate cut alleviated pressure on emerging-market currencies.

At 6 pm, the ringgit appreciated to 4.1370/1420 against the greenback, strengthening from last Friday’s close of 4.1460/1495.

Bank Muamalat Malaysia Bhd’s chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) remained above 100 points, reflecting continued strength in the US dollar as expectations for a December interest rate cut waned.

“However, the ringgit was traded in a narrow range against the greenback today, oscillating between RM4.1393 and RM4.1508,” he told Bernama.

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

It traded at 2.6392/6426 versus the yen, compared to 2.6453/6479 at last Friday’s close. The ringgit also improved against the euro to 4.7700/7757 from 4.7779/7819. 

The local note, however, was marginally weaker against the British pound at 5.4153/4219, compared with 5.4143/4188 previously.

The ringgit was traded higher against ASEAN currencies.

It edged up against the Singapore dollar at 3.1689/1730 compared with 3.1695/1724 on Friday, strengthened against the Thai baht to 12.7324/7525 from 12.7601/7759, appreciated versus the Indonesian rupiah to 247.7/248.1 from 248.0/248.3 and firmed against the Philippine peso at 7.02/7.04 from 7.04/7.05 on Friday.

-- BERNAMA