Ringgit closes at highest level versus dollar

: The ringgit closed at its highest level today against the on continued demand and in tandem with improved global oil prices and emerging-market currencies, dealers said.

At 6pm, the local unit was quoted at 4.2710/2740 against the greenback from Thursday’s 4.2780/2810.

OANDA Senior Market Analyst Jeffrey Halley said the ringgit strengthened as investors were closely monitoring the annual ”Jackson Hole Economic Policy” symposium in the United States today, and were particularly looking out for US Federal Reserve Chair Janet Yellen’s speech.

“With the ringgit continuing its rally against the US dollar along with other emerging markets, we expect the greenback’s weaknesses to linger into next week,” said Halley.

The benchmark crude were trading at 0.63% higher at US$52.37 per barrel.

Meanwhile, the ringgit ended higher against other major currencies.

The ringgit rose against the yen to 3.8980/8011 from 3.9111/9142 on Thursday and strengthened versus the dollar to 3.1397/1426 from 3.1419/1453, yesterday.

The local unit improved against the euro to 5.0411/0455 from 5.0438/0482 on Thursday and appreciated against the British pound to 5.4801/4844 from yesterday’s 5.4861/4904. — Bernama

Source: The Sun Daily

Leave a Reply

Your email address will not be published. Required fields are marked as *

Time limit is exhausted. Please reload CAPTCHA.