Ringgit continues to climb against US dollar

A customer counts her ringgit notes outside a money changer at the central business district in Singapore August 25, 2015. — Reuters picA customer counts her ringgit notes outside a money changer at the central business district in August 25, 2015. — Reuters pic, May 16 — The ringgit extended gains against the today on continuous demand.

At 6pm, the ringgit was quoted at 4.3200/3230 against the greenback from 4.3250/3300 at 6pm yesterday.

A dealer said the local unit rose as US political turmoil and doubts over interest pressured the greenback.

“The greenback’s latest weakness was largely due to worries over reports that US President Donald Trump had disclosed highly classified information to Russia.



“That raised fears that Trump may not be around long enough to deliver his tax reform, or be able to successfully push through his economic stimulus program,” he added.

Meanwhile, the ringgit traded mostly higher against a basket of other major currencies.

It rose against the Singapore dollar to 3.0903/0929 from 3.0913/0953 yesterday, strengthened versus the Japanese yen to 3.8038/8075 from 3.8126/8173, and firmed against the British pound to 5.5659/5706 from 5.5901/5983.

However, the local unit depreciated vis-a-vis the euro to 4.7706/7756 from the 4.7372/7439 recorded yesterday. — Bernama

Source: The Malay Mail Online





Comments are Closed