KUALA LUMPUR, May 28 — The ringgit ended the week higher against the US dollar today, supported by the steady climb in oil prices, analysts said.
At 6pm, the local note rose by 60 basis points (bps) to 4.1320/1350 against the greenback from yesterday’s close of 4.1380/1410.
An analyst said improved sentiment for the ringgit was also boosted by data showing strong exports growth in April 2021.
The Ministry of International Trade and Industry (MITI) said in a statement today that April’s exports remained above RM100 billion for the second consecutive month, surging by 63 per cent to RM105.62 billion during the month
According to the ministry, it was the fastest growth since February 1998, marking the eighth consecutive month of year-on-year expansion since September 2020.
The analyst said the continued positive sentiment led to investors regaining confidence and lifted the ringgit’s performance for today.
As at the time of writing, the benchmark Brent crude oil price rose 0.30 per cent to US$69.67 per barrel.
Meanwhile, the local note traded mostly higher against a basket of major currencies.
The ringgit rose against the Singapore dollar to 3.1213/1238 from yesterday’s close of 3.1258/1293, strengthened vis-a-vis the euro to 5.0344/0385 from 5.0450/0499 and appreciated against the yen to 3.7598/7629 from 3.7890/7925
It, however, weakened against the British pound to 5.8604/8651 from 5.8424/8479. — Bernama
