Ringgit extends gain against US dollar

At 6pm, the ringgit settled higher at 4.2700/2750 compared with 4.2710/2770 at yesterday’s close. — Reuters pic
At 6pm, the ringgit settled higher at 4.2700/2750 compared with 4.2710/2770 at yesterday’s close. — Reuters pic

KUALA LUMPUR, June 24 — The ringgit extended its gains against the US dollar for the second consecutive day, spurred by growing optimism over global economic recovery, coupled with improving oil prices, dealers said.

At 6pm, the ringgit settled higher at 4.2700/2750 compared with 4.2710/2770 at yesterday’s close.

A dealer said risk appetite for emerging currencies — including the ringgit — was restored following the positive development in the United States (US)-China trade dispute.

US President Donald Trump reassured that the Washington-Beijing deal was “fully intact” and expressed hope that China would “live up to the terms”.

Meanwhile, international benchmark oil Brent crude rose 0.16 per cent to US$42.70 (RM182)  per barrel (0644 GMT) but slipped to to US$42.13 per barrel at press time.

The ringgit was traded mostly lower against a basket of major currencies.

It fell against the Singapore dollar to 3.0744/0791 from 3.0671/0723 at yesterday’s close and depreciated versus the Japanese yen to 4.0083/0141 from 3.9875/9942 yesterday as demand for the currency as a safe-haven asset increased.

The local currency weakened vis-a-vis the British pound to 5.3413/3493 from 5.3165/3261 and decreased against the euro to 4.8255/8329 from 4.8203/8283 previously. — Bernama

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