KUALA LUMPUR, April 1 — The ringgit ended higher against the US dollar today on renewed buying interest, supported by the positive performance of crude oil prices as well as the US Federal Reserve’s decision on interest rates, dealers said.
At 6pm, the local unit was traded at 4.0790/0820 against the greenback from 4.0800/0850 at last Friday’s closing.
A dealer said the ringgit also rebounded from last week’s lower performance, as the greenback retreated from recent gains on profit-taking.
He said the US Federal Reserve’s indication that there would be no interest rate increase for this year but only a single hike in 2020, gave positive news to emerging market currencies including the ringgit.
“Meanwhile, the higher crude oil prices, with benchmark Brent crude futures currently at US$68.63 per barrel, had supported the ringgit, as Malaysia, being a net exporter of oil and gas, is heavily dependent on the price movements of the commodity,” he said.
The ringgit traded mostly lower against a basket of major currencies.
It declined against the Singapore dollar to 3.0114/0141 from Friday’s close of 3.0086/0128, depreciated against the British pound to 5.3419/3474 from 5.3122/3203 and fell against the euro to 4.5832/5882 from 4.5737/5809.
However, the local note appreciated against the Japanese yen to 3.6744/6781 from 3.6820/6872 previously. — Bernama
