KUALA LUMPUR, March 31 — The ringgit continued its upward momentum to end higher against the US dollar today as more investors shifted towards emerging currencies, including the ringgit after the United States posted lower than expected fourth quarter economic growth, a dealer said.
At 6pm, the local currency strengthened to 4.2025/2055 versus the greenback from 4.2030/2055 at yesterday’s close.
The dealer said that the greenback continued to be under pressure as the United States recorded a lower-than-expected fourth quarter gross domestic product (GDP) growth of 6.9 per cent compared to a forecast of 7.1 per cent.
“As the price managed to break below the 4.2060 level, there is a good probability that the selling (momentum of the US dollar) will continue to dominate the market over the next few days,” he said.
Another dealer said that investors remained concerned over the global economic outlook, with China’s official manufacturing Purchasing Managers’ Index (PMI) falling to 49.5 from 50.2 in February as China imposed its latest lockdown.
The ringgit also traded higher against a basket of major currencies.
The local unit went up against the British pound to 5.5158/5197 from 5.5248/5281 yesterday and strengthened versus the euro to 4.6698/6732 from 4.6784/6811 previously.
The ringgit rose against the Singapore dollar to 3.1033/1060 from 3.1034/1058 yesterday and appreciated vis-a-vis the yen to 3.4472/4502 from 3.4490/4515. — Bernama
