KUALA LUMPUR, April 3 — The ringgit rebounded from yesterday’s losses to end higher against the US dollar today on renewed buying interest, a dealer said.
At 6pm, the local unit was traded at 4.0770/0810 against the greenback from yesterday’s close of 4.0830/0870.
He said the better local note was also in line with most emerging Asian currencies, as market sentiment reacted to the progress in Sino-US trade talks.
Meanwhile, SPI Asset Management, head of trading and market strategy Stephen Innes said the local currency market is currently trading with a natural bias in awaiting the next catalyst.
“I expect the ringgit to gradually appreciate due to the softer US Federal Reserve (Fed) policy profile and a weaker US dollar as global growth picks up in the second half of 2019 on the back of stimulus from the People’s Bank of China and the Fed,” he told Bernama.
However, the ringgit traded mostly lower against a basket of major currencies.
It fell against the British pound to 5.3735/3804 from yesterday’s close of 5.3275/3331, depreciated against the euro to 4.5850/5911 from 4.5738/5799, and declined against the Singapore dollar to 3.0146/0180 from 3.0115/0149.
The local currency appreciated against the Japanese yen to 3.6572/6617 from 3.6662/6704. — Bernama
