KUALA LUMPUR, Nov 12 — The ringgit rebounded from yesterday’s losses to close higher against the US dollar on Friday as the recent downtrend sparked some buying interest.
At 6 pm, the local note was weaker versus the greenback at 4.1645/1665 from 4.1690/1720 at yesterday’s close.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said there appeared to be some support to the local note today.
The US dollar-to-ringgit was hovering around RM4.1652 with US Dollar Index (DXY) declining slightly to 95.178 points.
“We believe concerns over rising inflation will continue to take the centre stage and the market will continue to second-guess the Federal Reserve’s decision on interest rate, given they’ve already decided to lower the asset purchases programme,” he told Bernama.
At the close, the ringgit was traded mostly higher against a basket of major currencies except against the Singapore dollar, falling to 3.0757/0776 from 3.0754/0781 at Thursday’s close.
Against the Japanese yen, the local note increased slightly to 3.6521/6542 from 3.6545/6574 and rose vis-a-vis the British pound to 5.5783/5810 from 5.5835/5876, and improved against the euro to 4.7646/7669 from 4.7798/7832.
— Bernama
