KUALA LUMPUR, June 20 — The ringgit closed higher against the US dollar for the fourth straight trading day today, driven by continued buying interest, said an analyst.
At 6pm, the local currency marginally improved against the greenback to 4.3985/4015 from Friday’s close of 4.4000/4040.
The analyst said the bearish outlook on the global economy prompted more investors to shift to emerging currencies.
“The steady crude oil price, with the benchmark Brent crude oil trading at above US$110 per barrel, will benefit the Malaysian government, allowing for the smooth implementation of expansionary fiscal policies,” he said.
Meanwhile, the ringgit was traded mostly higher against a basket of major currencies.
The local note appreciated against the British pound to 5.3864/3901 from Friday’s close of 5.4208/4257, strengthened versus the Singapore dollar to 3.1717/1743 from 3.1753/1786 and rose against the Japanese yen to 3.2627/2652 from 3.2655/2688.
It, however, depreciated vis-a-vis the euro to 4.6325/6357 from 4.6314/6357 previously. — Bernama