KUALA LUMPUR, Feb 11 — The ringgit ended firmer against the US dollar today paring easier performance this morning, on continued weakness in the greenback, analysts said.
At the close, the local currency rose to 4.0405/0445 against the US dollar from Wednesday’s close of 4.0420/0460.
An analyst said the US dollar slipped to a two-week low following a softer-than-expected US inflation data.
He said the declining yields in the US bond markets have also continued to put pressure on the greenback.
Meanwhile, Axi chief global market strategist, Stephen Innes told Bernama that although it was a bit of a quiet day ahead of the Lunar New Year, the Brent crude oil price stood at above US$61 per barrel, which was extremely supportive for the ringgit.
On the other hand, the dovish statement from the US Federal Reserve chair Jerome Powell, who called for the Congress to offer more stimulus was also not supportive to the US dollar sentiment, he said.
“Meanwhile, the expected fall in Malaysia’s gross domestic product was seen to have little effect on the ringgit as the market continues to look around the corner for optimism resulting from the rollout of the vaccination programme this month,” he noted.
The local currency was traded lower against other major currencies today, except the British pound.
It decreased against the Singapore dollar to 3.0499/0531 from Wednesday’s 3.0460/0494, and weakened vis-a-vis the euro to 4.9003/9068 from 4.8981/9042 previously.
The ringgit also depreciated against the yen to 3.8602/8644 from 3.8565/8618 yesterday but rose against the British pound to 5.5896/5964 from 5.5913/5980 previously.
— Bernama
