Ringgit climbs as trade chill thaws
The ringgit closed stronger against the US dollar and other major currencies on Friday, buoyed by improved market sentiment following the easing of trade tensions between the United States and China. At 6 p.m., it traded at 4.1860/1930 against the greenback, up from Thursday’s close of 4.1935/1985.
Bank Muamalat Malaysia Bhd’s chief economist, Dr. Mohd Afzanizam Abdul Rashid, said the thaw in US-China relations has boosted investor confidence in regional currencies, including the ringgit. He noted the dollar-ringgit pair touched 4.1853 during the afternoon session.
The local currency also gained ground against other majors. It rose against the Japanese yen to 2.7162/7210 from 2.7266/7300, strengthened versus the British pound to 5.5025/5117 from 5.5304/5370, and climbed against the euro to 4.8453/8534 from 4.8716/8774.
Against ASEAN peers, the ringgit advanced against the Singapore dollar, Thai baht, and Indonesian rupiah. It edged up to 3.2185/2241 from 3.2285/2326 versus the Singapore dollar, moved to 12.9429/9702 from 12.9501/9723 against the baht, and rose to 251.7/252.2 from 252.0/252.4 versus the rupiah. It held steady against the Philippine peso at 7.12/7.14.
