Ringgit ends slightly higher versus US dollar and basket of major currencies

KUALA LUMPUR: The ringgit ended slightly higher against the US dollar on Wednesday, although the greenback had strengthened as investors focused on the upcoming release of the US Federal Open Market Committee’s (FOMC) meeting minutes, an economist said.

At 6 pm, the ringgit rose to 4.7920/7965 versus the US dollar compared with Tuesday’s close of 4.7975/8000.

The ringgit ended slightly higher against the US dollar on Wednesday, although the greenback had strengthened as investors focused on the release of the US Federal Open Market Committee’s (FOMC) meeting minutes, an economist said.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the ringgit was well supported against the US dollar at around RM4.7963.

He said that while the ringgit was mostly steady today, foreign exchange markets remain cautious ahead of the FOMC minutes’ release tomorrow.

“As the US Federal Reserve is likely to keep the rate steady in the near term, the US dollar is likely to be the highly sought after currency,” he told BK.

Yesterday, the local currency briefly slipped past 4.80 against the greenback, its weakest level since reaching an all-time low of 4.8850 in 1998, resulting in Bank Negara Malaysia’s response by issuing its remarks on the prevailing market condition.

At today’s close, the ringgit also traded higher against a basket of major currencies.

The local currency appreciated vis-a-vis the Japanese yen to 3.1925/1957 from 3.1926/1945 at Tuesday’s close, increased against the British pound to 6.0432/0489 from 6.0468/0499 yesterday, and rose versus the euro to 5.17541802 from 5.1799/1826 previously.

The ringgit traded mixed against other Asean currencies.

It slid versus the Thai baht to 13.3631/3816 compared with 13.3016/3148 at Tuesday’s close and declined against the Indonesian rupiah to 306.4/306.9 from 306.3/306.6

The local note, however, rose vis-a-vis the Singapore dollar to 3.5652/5688 from 3.5672/5693 and was almost flat against the Philippine peso at 8.56/8.58 from 8.56/8.57 on Tuesday. – BK