KUALA LUMPUR, May 25 — The ringgit closed slightly higher against the US dollar today despite growing concerns that China's latest policy measure would be ineffective at stimulating the economy, said an analyst.
At 6pm, the local currency stood at 4.3930/3960 versus the greenback compared with Tuesday’s close of 4.3940/3980.
According to a Bloomberg report, economists were cautious on whether the new stimulus measures could boost China’s growth as its strict zero-Covid policy causes major disruption to business activity.
SPI Asset Management managing partner Stephen Innes said the ringgit was also traded broadly in line with the rest of Asia's foreign exchange.
“It's been a day of consolidation as traders looked to tonight's United States Federal Open Market Committee minutes for possible guidance on future interest rate hikes beyond June and July,” he told Bernama.
The ringgit was traded mixed against a basket of major currencies.
It climbed against the Singapore dollar to 3.1947/1971 from Tuesday’s close of 3.1966/1999 and rose versus the euro to 4.6895/6927 from 4.7064/7107 previously.
However, the local note depreciated vis-a-vis the Japanese yen to 3.4563/4590 from 3.4506/4540 yesterday and slid versus the British pound to 5.4908/4946 from 5.4885/4935.
— Bernama
