Ringgit ends higher against US dollar

A Malaysia Ringgit note is seen in this illustration photo June 1, 2017. — Reuters pic
A Malaysia Ringgit note is seen in this illustration photo June 1, 2017. — Reuters pic

KUALA LUMPUR, Jan 7 — The ringgit continued its upward momentum to finish higher against the US dollar, prompted by rising crude oil prices coupled with anticipation that the US Federal Reserve (Fed) will put on hold this year’s policy tightening measures, a dealer said.

At 6pm, the local currency stood at 4.1120/1160 against the greenback from Friday’s close of 4.1340/1370.

The dealer said the softer greenback, which was dragged by Fed Chairman Jerome Powell’s comment that it could pause policy tightening, as it did in 2016, improved risk appetite for emerging currencies that included the ringgit.

Meanwhile, the ringgit was mostly higher against other major currencies, except for the British pound.

The local unit appreciated against the euro to 4.7037/7099 from 4.7144/7199, strengthened versus the Singapore dollar to 3.0284/0334 from 3.0357/0395 and rose against the Japanese yen to 3.8004/8044 from 3.8260/8298 on Friday.

It, however, depreciated against the British pound to 5.2424/2491 against Friday’s 5.2378/2432. — Bernama

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