KUALA LUMPUR, July 19 — The ringgit ended slightly higher against the US dollar, tracking most emerging Asian currencies amid the easing of the greenback, a dealer said.
At 6pm, the ringgit stood at 4.1100/1130 against the US dollar from yesterday’s close of 4.1130/1150.
He said the greenback weakened as focus remained on the trade disputes involving the United States and expectations of the US Federal Reserve (Fed) trimming interest rates rose.
FXTM market analyst Han Tan said despite the positive US economic indicators for June, the Fed is expected to cut interest rates by at least 25 basis points at the end of July, while markets are ramping up expectations for even a 50-basis point cut.
“The dovish tones by Fed officials, which resulted in the weakness in the US dollar, have paved the way for most Asian currencies to post a weekly gain versus the greenback,” he told Bernama.
The ringgit was mainly traded around the 4.11 level against the US dollar this week.
It was traded mostly lower against a basket of major currencies.
It fell slightly against the Singapore dollar to 3.0236/0269 from yesterday’s close of 3.0234/0253 and slid against the yen to 3.8165/8207 from 3.8161/8187.
The local currency declined versus the British pound to 5.1474/1519 from 5.1269/1310 but slightly increased against the euro to 4.6184/6234 from 4.6189/6228. — Bernama