Ringgit ends slightly higher against US dollar

Malaysian ringgit and US dollars November 24, 2020. — Picture by Hari Anggara
Malaysian ringgit and US dollars November 24, 2020. — Picture by Hari Anggara

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KUALA LUMPUR, May 27 — The ringgit closed slightly higher against the US dollar today, backed by buying interest in the local note, a dealer said.

At 6pm, the local currency rose by 20 basis points to 4.1380/1410 against the greenback from Tuesday’s close of 4.1400/1450.

The market was closed yesterday in conjunction with Wesak Day celebration and resumed operations today.

The dealer said the ringgit would trade with a defensive posture due to growing global risk sentiment coupled with declining oil prices.

“Despite the lower oil prices, Malaysian Government Securities (MGS) continue to look attractive, and with the currency still in catch-up mode with its regional peers, it attracted some favourable attention,” he said.

RAM Rating Services in a statement previously said net foreign purchases of Malaysian bonds in April rose to RM6.4 billion from RM5.9 billion in March, hence this extends the current streak of foreign buying to 12 months for a total of RM60.2 billion.

At the time of writing, the benchmark Brent crude oil price declined 0.73 per cent to US$68.37 per barrel.

Meanwhile, the local note was traded mostly higher against a basket of major currencies.

The ringgit fell against the Singapore dollar to 3.1258/1293 from Tuesday’s close of 3.1238/1281, but strengthened vis-a-vis the euro to 5.0450/0499 from 5.0727/0805 previously.

It also appreciated against the yen to 3.7890/7925 from 3.8044/8101 on Tuesday and rose against the British pound to 5.8424/8479 from 5.8697/8784 previously. — Bernama


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