The ringgit continued to rise when it opened higher following continued buying support
BERNAMA
Mac 22, 2024
At 9am, the ringgit rose to 4.7310/7360 against the US dollar from 4.7335/7400 at Thursday's close. -Image file
The ringgit continued to rise when it opened higher following continued buying support
At 9am, the ringgit rose to 4.7310/7360 against the US dollar from 4.7335/7400 at Thursday's close. -Image file
KUALA LUMPUR: The ringgit continued its upward momentum when it opened higher against the United States (US) dollar on Friday following continued buying support for the local currency.
At 9am, the ringgit rose to 4.7310/7360 against the US dollar from 4.7335/7400 at Thursday's close.
Dealers said the ringgit continued to rise following positive sentiment when the US Federal Reserve (Fed) reassured investors about the prospect of interest rate cuts this year.
He said the Fed's decision to maintain its stance on three rate cuts this year has helped boost market sentiment.
Meanwhile, Bank Muamalat Malaysia Bhd Chief Economist Mohd Afzanizam Abdul Rashid said the Swiss National Bank cut its policy rate by 25 basis points to 1.50 percent yesterday to fight inflation.
In fact, he said the Bank of England appeared inclined to lower interest rates after keeping interest rates stable at 5.25 percent, explaining it was "moving in the right direction" for the reduction.
"Therefore, regional currencies, including the ringgit, may strengthen against the US dollar and we are confident that the local currency will remain stable at around RM4.71 to RM4.72," he told Bernama.
The ringgit traded mostly higher against a group of major currencies.
It rose against the euro to 5.1402/1457 from 5.1444/1477 on Thursday and rose against the British pound to 5.9951/6.0015 from 6.0202/0241, but eased against the Japanese yen to 3.1219/1255 from 3.1200/1222 yesterday.
However, the ringgit is traded mostly low compared to other Asean currencies.
It firmed against the Thai baht to 13.0151/0343 from Thursday's close of 13.0712/0850, but eased against the Philippine peso to 8.44/8.45 from 8.41/8.42 yesterday.
It eased against the Indonesian rupiah to 301.9/302.3 from 300.8/301.1 and eased against the Singapore dollar to 3.5219/5259 from 3.5205/5230.
