Ringgit gains broadly but eases against US dollar
The ringgit traded volatilely against the US dollar but recovered despite the greenback remaining firm, with the US Dollar Index hovering around 101 points, says an analyst.
On Thursday, the Malaysian ringgit closed higher against several major currencies, but weakened against the US dollar as positive US economic data fueled expectations of additional Federal Reserve interest rate increases. By 6pm, the ringgit slipped to 4.0840/4.0880 against the greenback, down from Wednesday's closing rate of 4.0780/4.0825.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid pointed out that the ringgit experienced significant fluctuations against the US dollar, dropping to RM4.0940 in the morning before stabilizing at RM4.0793 in the afternoon. Despite this, the ringgit remained robust against other currencies, gaining against the euro, British pound, Japanese yen, Asean peers, the Singapore dollar, Thai baht, Indonesian rupiah, and remaining steady against the Philippine peso.
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- Ringgit gains broadly but eases against US dollar freemalaysiatoday.com
- Ringgit ends higher against major currencies, eases versus US dollar malaymail.com
