KUALA LUMPUR, Dec 22 — The ringgit rebounded from five days of losses to end higher against the US dollar today, as stronger external factors boosted sentiment for the domestic currency, said an analyst.
At 6pm, the local note was pegged at 4.4215/4255 versus the greenback from yesterday’s close of 4.4375/4405.
SPI Asset Management managing partner Stephen Innes said the ringgit was stronger today after China policymakers reiterated its support for the republic’s beleaguered property market, which is good for regional growth and market sentiment.
At home, the latest inflation print is expected to be released tomorrow.
“I think headline inflation will ease but core inflation will remain sticky due to higher food and service industry costs,” Innes told Bernama.
Meanwhile, the ringgit was also traded higher against a basket of major currencies.
The local note advanced versus the Singapore dollar to 3.2798/2833 from 3.2829/2856 at yesterday’s close and appreciated vis-a-vis the Japanese yen to 3.3486/3521 from 3.3714/3740 previously.
The ringgit strengthened against the British pound to 5.3522/3571 from 5.3880/3917 yesterday and firmed against the euro to 4.7085/7127 from 4.7113/7145. — Bernama
