Ringgit rebounds to close slightly higher against US dollar

Malaysian ringgit notes are seen among US dollar bills in this photo illustration taken in Singapore in this August 24, 2015 file photo. — Reuters pic
Malaysian ringgit notes are seen among US dollar bills in this photo illustration taken in Singapore in this August 24, 2015 file photo. — Reuters pic

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KUALA LUMPUR, Dec 3 — The ringgit rebounded from yesterday’s loss to close slightly higher against the US dollar on Friday as some investors bought the cheaper ringgit, despite concerns over the global economic recovery due to the Omicron coronavirus scare, dealers said.

At 6pm, the ringgit stood at 4.2290/2320 against the greenback from 4.2315/2345 at Thursday’s close.

A dealer said that the greenback was on an uptrend on Friday against most major currencies as investors positioned ahead of the key US jobs data that could clear the path for an earlier rate hike by the US Federal Reserve (US Fed).

At the same time, he said the continued spread of the Omicron COVID-19 variant globally has buoyed safe havens like the dollar and yen and put pressure on riskier currencies, including the ringgit, over the past week.

The local note was also traded higher vis-a-vis a basket of major currencies.

The ringgit rose against the Singapore dollar at 3.0844/0870 from 3.0961/0988 at Thursday’s close and appreciated versus the British pound at 5.6182/6222 from 5.6372/6412 yesterday.

It also strengthened against the Japanese yen at 3.7316/7346 from 3.7397/7427 and went up against the euro to 4.7771/7805 from 4.7926/7960 previously. — Bernama

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