Ringgit ends firmer against US dollar

A teller counts RM100 notes in George Town November 27, 2019. ― Picture by Sayuti Zainudin
A teller counts RM100 notes in George Town November 27, 2019. ― Picture by Sayuti Zainudin

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KUALA LUMPUR, April 12 — The ringgit ended firmer against the US dollar today on renewed demand and in line with the steadier crude oil prices, an analyst said.

At 6pm, the ringgit traded 20 basis points higher against the US dollar at 4.1310/1350 compared with last Friday’s closing of 4.1330/1370.

“It has been a relatively quiet day in foreign exchange, but the ringgit was buoyed by dovish comments made last Friday by Federal Reserve chair Jerome Powell, who reiterated that the US central bank was in no rush to raise interest rates.

“Also, oil prices find some solace as benchmark Brent crude oil stood above US$63 per barrel, supported by optimism ahead of US driving season and a rebounding US economy,” Axi chief global markets strategist Stephen Innes told Bernama.

However, against other major currencies, the ringgit traded lower.

It weakened against the Singapore dollar to 3.0810/0851 from 3.0800/0839 last Friday and fell against the yen to 3.7785/7832 from 3.7689/7733 previously.

The local note eased against the pound to 5.6743/6807 from 5.6618/6685 at Friday’s close and went down 4.9171/9227 vis-a-vis the euro from 4.9141/9205 last week. — Bernama

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