Ringgit remains higher against US dollar

This photo illustration shows Malaysian ringgit banknotes in Kuala Lumpur on June 29, 2015. — AFP pic
This photo illustration shows Malaysian ringgit banknotes in Kuala Lumpur on June 29, 2015. — AFP pic

KUALA LUMPUR, Aug 4 — The ringgit closed higher against the US dollar for the second consecutive day today, as the weaker greenback improved demand for emerging currencies, dealers said.

The local currency settled at 4.2180/2230 versus the US dollar compared with 4.2200/2250 at 6pm yesterday.

A dealer said recovery in regional economies especially in China has also helped spur positive sentiment in the market, despite the volatile oil prices amid concerns over production.

It was reported that China’s Caixin manufacturing purchasing managers index rose to 52.8 in July from 51.2 in June, the fastest rate in nine years.

Meanwhile, the ringgit was traded mixed against other benchmark currencies.

It fell against the Singapore dollar to 3.0672/0719 from 3.0649/0694 recorded yesterday, but strengthened versus the Japanese yen to 3.9796/9855 from 3.9905/0956.

The local unit depreciated vis-a-vis the British pound to 5.5079/5161 from 5.5037/5111 and weakened against the euro to 4.9747/9810 from 4.9555/6623 previously. — Bernama

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