Ringgit slightly higher versus greenback

: The ringgit was slightly higher against the at Friday’s close, lifted by mild buying for the local note despite the lower crude , a dealer said.

At 6pm, the ringgit stood at 4.1310/1340 against the greenback from 4.1340/1380 at Thursday’s close.

“Over time the ringgit could struggle on the domestic front due to Bank Negara ’s dovish expectation and the prospect of an evaporating current account surplus,” SPI Asset Management managing partner and head of trading Stephen Innes said.

He said over the short term, the ringgit is getting sold as the US dollar rally is picking up pace as the divergence between the US versus the world continues to build up.

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

It fell against the dollar to 3.0306/0332 from 3.0288/0328 on Thursday and depreciated versus the British pound to 5.3302/3362 from 5.3200/3268.

The local currency weakened vis-a-vis the yen to 3.6966/6997 from 3.6940/6986, but improved against the euro to 4.6007/6044 from 4.6020/6077. — Bernama

Source: The Sun Daily

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