Ringgit ends higher against major currencies, lower versus US dollar
KUALA LUMPUR: The ringgit closed higher against most major currencies but lower against the US dollar on Wednesday, as the greenback strengthened broadly amid renewed concerns over Europe’s fiscal outlook, an analyst said.
KUALA LUMPUR - The Malaysian ringgit closed higher against most major currencies on Wednesday but weakened against the US dollar, according to an analyst. The greenback showed an upward trend globally, driven by worries over Europe's fiscal situation, according to Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid.
The US Dollar Index (DXY) increased by 0.42% to 102.26 points, leading to a depreciation in major currencies such as the euro, which fell 0.69% against the US dollar to 1.1181. Despite this, the ringgit has remained within a narrow range relative to the US dollar, fluctuating between RM4.0840 and RM4.0885 throughout the day, he told Bernama.
At the close, the ringgit traded mostly stronger against a range of major currencies, including the Japanese yen, British pound, and euro. However, it demonstrated mixed performance against its Asean counterparts. The ringgit appreciated against the Singapore dollar and Thai baht, while it weakened against the Philippine peso and Indonesian rupiah.
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- Ringgit ends higher against major currencies, lower vs US dollar freemalaysiatoday.com
