Ringgit ends higher against major currencies, lower vs US dollar
Concerns over Europe’s fiscal trajectory have strengthened the US dollar, while the ringgit has remained in a tight range, says analyst.
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.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 2 other outlets
- Ringgit ends higher against major currencies, lower vs US dollar freemalaysiatoday.com
- Ringgit ends higher against major currencies, lower versus US dollar nst.com.my
