Ringgit closes higher on dollar volatility
KUALA LUMPUR, July 5 — The ringgit closed marginally higher against the US dollar today as the greenback remained volatile following the announcement of North Korea’s “successful” missile launch yesterday
At 6 pm, the local note was traded at 4.2950/2990 from 4.2960/2990 against the greenback yesterday.
A dealer said the escalation in geopolitical tensions between the US and North Korea, along with the release of Federal Open Market Committee minutes and US payroll data, expected later today and Friday respectively, had resulted in the investors staying on the sidelines regarding the greenback.
“These factors have benefited emerging Asian currencies, including the ringgit,” he said.
Meanwhile, the dealer said, Malaysia’s stronger economic growth, which grew by 5.6 per cent in the first quarter of this year, had lifted the confidence among investors towards the ringgit.
“The trade balance report, which is scheduled to release by end of this week, will give a clearer picture of the local economy to the investors,” he said.
At the close, the ringgit was traded higher against other major currencies.
It rose against the Singapore dollar to 3.1042/1082 from 3.1065/1098 yesterday and appreciated against the British pound to 5.5466/5522 from 5.5539/5582 yesterday.
The local note advanced against the yen to 3.7801/7843 from 3.7951/7980 yesterday and improved against the euro to 4.8632/8686 from 4.8760/8798 yesterday. — Bernama
Source: The Malay Mail Online