Ringgit ends higher against US dollar

KUALA LUMPUR: The ringgit was higher against the American dollar at the close on Tuesday ahead of fresh US economic data later tonight, said an analyst.

At 6 pm, the ringgit advanced to 4.7110/7155 versus the greenback from Friday’s close of 4.7190/7225.

The market was closed yesterday for the Hari Raya Aidiladha celebration.

ActivTrades trader Anderson Alves said market players are awaiting fresh leads with the US retail sales report due later today. He added that investors are also cautious ahead of a series of US Federal Reserve (Fed) speeches by senior officials, also later today.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that the US Dollar Index (DXY) has continued to hover above 105 points as the euro, which is a major component of DXY, fell against the US dollar on concern over the snap election in France which will be held this month.

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

The local unit appreciated against the Japanese yen to 2.9798/9828 from last Friday’s close of 3.0046/0072, strengthened vis-a-vis the British pound to 5.9750/9807 from 5.9955/9999 but slid versus the euro to 5.0492/0541 from 5.0418/0455 previously.

The ringgit traded higher against its Asean peers.

It went up vis-a-vis the Indonesian rupiah to 287.0/287.3 from 287.5/287.8 at last Friday’s close, inched up versus the Thai baht to 12.7874/8048 from 2.8328/8475 and edged up against the Singapore dollar to 3.4793/4829 from 3.4857/4886. It was higher against the Philippine peso at 8.03/8.05 from 8.04/8.05. - Bernama

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