Ringgit rises with emerging Asia currencies on easing inflation in US

KUALA LUMPUR, Oct 19 — The ringgit closed higher against the US dollar on continuous demand for the local currency. At 6pm, the ringgit was quoted at 4.1900/1950 against the greenback from yesterday’s 4.1925/1975.

A dealer said the ringgit rose in tandem with emerging Asian currencies as latest US consumer prices showed that inflation had slightly moderated.

“Investors trimmed their bets on the US Federal Reserve hiking rates in December,” he said, adding that rising oil prices on the back of falling inventories prompted the local note to trade higher.

Brent crude oil gained 74 US cents to US$52.42 per barrel while US West Texas Intermediate crude oil was 73 US cents higher at US$51.02 per barrel.

Against other major currencies except the yen, the ringgit appreciated against the Singapore dollar to 3.0220/0260 from yesterday’s 3.0240/0281 and rose against the British Pound to 5.1499/1578 from 5.1517/1600 yesterday.

The local unit gained against the euro to 4.6073/6132 from 4.6201/6261 but depreciated versus the yen to 4.0514/0578 from 4.0332/0388 yesterday. — Bernama 

Related Articles

Up Next