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Ringgit strengthens against US dollar on BNM guidance

Publish date: Thu, 29 Feb 2024, 07:20 PM

KUALA LUMPUR (Feb 29): The ringgit ended higher against the US dollar on Thursday, spurred by Bank Negara Malaysia’s comments on the valuation of the ringgit.

At 6pm, the ringgit went up to 4.7400/7455 against the greenback compared with Wednesday's close of 4.7690/7730.   

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the statement from the central bank has provided the impetus for local traders, while at the same time, market participants will continue to observe the timing for the first US rate cut.

Mohd Afzanizam said the local note appreciated against the US dollar on Thursday with the US Dollar Index falling 0.13% to 103.838 points.

“This happens as the market awaits the personal consumption expenditures (PCE) inflation report tonight,” he added.

Meanwhile, the ringgit was traded mostly higher against a basket of major currencies.

The local currency rose against the British pound to 6.0042/0111 from 6.0199/0250 on Thursday, strengthened versus the euro to 5.1434/1493 from 5.1510/1553 previously, but fell vis-a-vis the Japanese yen to 3.1642/1681 from 3.1635/1664 at Wednesday’s close.

The ringgit also performed better against other Asean currencies.

It edged up versus the Thai baht to 13.2140/2345 from Wednesday’s close of 13.2252/2421 and was up against the Singapore dollar at 3.5257/5301 compared to 3.5405/5437 previously.

The local note also gained versus the Philippine peso to 8.43/8.44 from 8.47/8.49 on Wednesday and inched up vis-a-vis the Indonesian rupiah to 301.5/302.0 from 303.8/304.3.

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