Kuala Lumpur: Analysts said the ringgit rose further against the dollar and closed higher today as the dollar weakened on concerns about softening rate hikes.
At 6pm, the ringgit rose from Wednesday’s close of 4.2575/2625 to 4.2450/2465.
Stephen Innes, managing partner at SPI Asset Management, said the ringgit continued to rise as sentiment on the US dollar fell ahead of next week’s Federal Reserve Board decision.
He also said the local currency was supported by continued support from China’s resumption of economic activity, which has benefited the local economy.
“As in Thailand, perhaps not yet to the same extent, Chinese tourists are giving a huge boost to the local economy. he told Bernamah.
At the close, the ringgit traded mostly high against a basket of major currencies.
Local currencies rose to 3.2352/2392 to 3.2345/2359 against the Singapore dollar at the end of Wednesday, 4.6322/6376 to 4.6254/6270 against the euro and 3.2790/2831 to 3.2671/2685 against the Japanese yen. rose to
However, against the British pound, it fell from 5.2418/2480 to 5.2583/2601. – Bernama
