KUALA LUMPUR, Sept 20 — The ringgit rebounded to close higher against the US dollar, halting three consecutive days of losses as traders trimmed their positions on the greenback ahead of the weekend.
At 6pm, the ringgit rose to 4.1680/1720 against the US dollar from 4.1900/1930 yesterday.
FXTM market analyst Han Tan said the ringgit breached the 4.19 resistance level against the US dollar during the week only to pare the week’s losses going into the weekend, in line with many regional currencies that couldn’t put up much of a fight against the greenback’s resilience, despite the US Federal Reserve lowering US interest rates for the second time this year.
“The spike in oil prices at the onset of the week also failed to translate into any meaningful support for the ringgit’s performance, given that Brent’s stay above US$70 per barrel proved fleeting,” he said in a statement today.
The ringgit was also higher against a basket of other major currencies.
It appreciated against the Singapore dollar to 3.0297/0337 from 3.0406/0349 at yesterday’s close and strengthened against the Japanese yen to 3.8589/8637 from 3.8789/8496.
The local unit expanded versus the British pound to 5.2196/2254 from 5.2262/2316 and increased against the euro to 4.6040/6.101 from 4.6341/6391. — Bernama
