KUALA LUMPUR, May 25 — The ringgit ended higher against the US dollar today as the weaker greenback boosted demand for emerging currencies, dealers said.
At 6pm, the local currency rose to 4.1400/1450 against the greenback from Monday’s close of 4.1440/1480.
An analyst said the better sentiment was also driven by the positive development in the Covid-19 vaccine rollout, as the Covid-19 Immunisation Task Force had reportedly said that Malaysia has more than enough vaccines for its people.
“The softer United States (US) Treasury yields which dragged the US dollar down to a near four-month low lent further support to the local currency,
“The US Treasury yields are a more significant driver for the ringgit than crude oil, and lower US yields make the Malaysian Government Securities more attractive to foreign investors,” he said.
Conversely, the local note had declined against a basket of major currencies.
The ringgit fell against the Singapore dollar to 3.1238/1281 from Monday’s close of 3.1165/1207, weakened vis-a-vis the euro to 5.0727/0805 from 5.0602/0660 and decreased against the British pound to 5.8697/8784 from 5.8575/8640 previously.
However, the local currency appreciated against the yen to 3.8044/8101 from 3.8057/8097 on Monday. — Bernama
