Ringgit Nudges Higher vs USD

KUALA LUMPUR, April  27 — The ringgit continued its uptrend versus the US dollar on improved demand for the local note, dealers said.

At 6 pm, the local note was quoted at 4.3450/3480 against the greenback from Wednesday’s close of 4.3460/3490.

OANDA Senior Trader Stephen Innes said although the ringgit’s performance would likely depend on  global crude oil prices, fund outflow from the country had subsided following Bank Negara Malaysia’s proposed liberalisation of onshore markets.

“I suspect the market will re-engage the ringgit because domestic capital markets are much undervalued compared with its ASEAN counterparts,” he said.

At the close, the local note was also mixed against most major currencies.

It rose against the Singapore dollar to 3.1120/1146 from  3.1163/1196 and traded marginally lower against the Japanese yen at 3.9046/9083 from 3.9044/9078 on Wednesday.



The ringgit weakened against the British pound to 5.6051/6107 from 5.5746/5802 but increased against the euro to 4.7334/7385 from 4.7371/7413, yesterday. — Bernama


Tags:, , ,