Ringgit extends gains to conclude 2018 higher against US dollar

This photo illustration shows Malaysian ringgit banknotes in Kuala Lumpur on June 29, 2015. — AFP pic
This photo illustration shows Malaysian ringgit banknotes in on June 29, 2015. — AFP pic

KUALA LUMPUR, Dec 31 — The ringgit concluded 2018 on a positive note, ending the trading higher against the today on continued buying interest for emerging currencies, said a dealer.

At 6pm, the local note stood at 4.1300/1350 against the greenback from Friday’s close of 4.1500/1550.

Another dealer said demand for the local note increased as international investors, who traded on Bursa , converted their currencies into ringgit on the final trading day, hence, pushing up the local unit’s performance.

However, the dealer noted that investors, were likely still cautious on the Producer Price Index report and M3 Money supply data for November, scheduled to be released later today, for more investment directions moving forward. 

Meanwhile, the ringgit was mostly lower against major currencies.

The domestic unit declined against the British pound to 5.2600/2684 against Friday’s 5.2468/2548 but strengthened against the euro to 4.7227/7300 from 4.7488/7550.

It appreciated against the dollar to 3.0310/0358 from 3.0336/0384 and rose against the Japanese yen to 3.7488/7543 from 3.7597/7653.

The market will be closed tomorrow for the new year public holiday.

In 2017, the local currency wrapped up with the year high against the US dollar at 4.0440/0500 and continued the momentum into the first trading day of 2018 at 4.0370/0400 versus the greenback. — Bernama

Source: The Malay Mail Online

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