KUALA LUMPUR: The ringgit prolonged its constructive efficiency to shut higher towards the US greenback as we speak in keeping with the constructive momentum in regional currencies as extra investors shifted from safe-haven currencies, a vendor stated.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid stated the native forex continues to be properly supported after the US Federal Open Market Committee (FOMC) resolution on May 1.
“The ringgit appreciated towards the US greenback to as excessive as RM4.7328 throughout the morning session however weakened to RM4.7395 within the afternoon.
“Other main currencies additionally strengthened towards the US greenback; the Japanese yen rose to 153.21, declining beneath the 155 psychological stage,” he advised eNM.
Afzanizam stated it seems that the US rate of interest reduce thesis has gained some traction following the conclusion of the FOMC assembly final Wednesday.
At 6pm, the ringgit was higher at 4.7370/4.7400 versus the buck from yesterday’s shut of 4.7535/4.7555.
At the shut, the ringgit was traded largely decrease towards a basket of main currencies.
It fell versus the Japanese yen to three.0947/3.0968 from 3.0614/3.0629 at yesterday’s shut however strengthened vis-a-vis the British pound to five.9487/5.9525 from 5.9490/5.9515 earlier and slipped towards the euro to five.0890/5.0922 from 5.0877/5.0898 beforehand.
The native be aware was traded largely decrease towards Asean currencies.
It depreciated versus the Thai baht to 12.8723/12.8850 from 12.8615/12.8729 yesterday and went down versus the Singapore greenback to three.5027/3.5054 from 3.4970/3.4987 beforehand.
However, the ringgit eased vis-a-vis the Indonesian rupiah to 294.4/294.8 from 293.6/293.9 yesterday and strengthened towards the Philippine peso to eight.25/8.27 from 8.26/8.27 beforehand.
