Ringgit higher at close on mild buying

KUALA LUMPUR: The ringgit closed higher against the US dollar today, lifted by mild support for the local note amid higher global crude oil price, which was traded at US$74.33 per barrel, up by 0.39%.

At 6pm, the ringgit stood at 4.1250/1300 versus the greenback from 4.1300/1350 at Monday’s close.

“Despite the surging oil price, it’s far from being a bed of roses for the ringgit fortunes as this week’s inflation report could validate investors’ shift to the Bank Negara rate cut camp which suggests less yield appeal for the ringgit,” SPI Asset Management managing partner and head of trading Stephen Innes said.

He added that the possible interest rate cut would lessen the ringgit forward rate currency premiums and could take a bit of shine of the local currency.

Meanwhile, the ringgit was traded mostly higher against other major currencies.

It rose against the Singapore dollar to 3.0400/0446 from 3.0442/0490 on Monday but depreciated versus the British pound to 5.3666/3748 from 5.3649/3726.

The local currency surged vis-a-vis the yen at 3.6876/6924 from 3.6898/6946 and improved against the euro to 4.6431/6491 from 4.6454/6506 previously. — Bernama

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