Ringgit closes higher against US dollar

KUALA LUMPUR: The ringgit closed higher against the US dollar as foreign exchange traders reacted to the dollar’s peak and kept an eye on China’s economic opening, which will continue to support the ringgit in the event of any weakness.

At 6 pm, the ringgit climbed to 4.3130/3185 against the greenback from yesterday’s close of 4.3250/3280.

SPI Asset Management managing partner Stephen Innes said that after opening weaker this morning, the local currency rallied in line with the broader US dollar weakness.

"The ringgit is trading more in line with broader G-10 sentiments and the China reopening is arguably an excellent story for Malaysia that will continue to underpin the ringgit,” he told Bernama.

The ringgit fell further against a basket of major currencies, except against the Japanese yen.

The local unit fell to 5.3300/3368 against the British pound from 5.2804/2841 at yesterday’s close, eased against the Singapore dollar at 3.2793/2840 from 3.2683/2711 and weakened versus the euro to 4.6878/6938 from 4.6788/6820.

However, it appreciated further vis-a-vis the Japanese yen to 3.3331/3376 from 3.3582/3608 at Tuesday’s close. - Bernama