KUALA LUMPUR, June 28 — The ringgit settled higher versus the US dollar today, rebounding from yesterday’s losses, on renewed demand and in line with the steadier crude oil prices, an analyst said.
At 6pm, the local unit appreciated against the greenback to 4.3960/3975 from Monday's close of 4.4030/4060.
At press time, global benchmark Brent crude oil was traded at US$117.30 per barrel, up by 1.89 per cent.
The analyst said the positive revision of Malaysia’s long-term sovereign credit ratings outlook by S&P Global Ratings (S&P) boosted investor confidence in Malaysia's economy, hence lifting the demand for the ringgit.
S&P has affirmed the ‘A-‘ rating for long-term and ‘A-2’ for short-term foreign currency sovereign credit ratings, as well as Malaysia’s ‘A’ rating for long-term and ‘A-1’ for short-term local currency ratings.
The rating agency said the stable outlook reflects its expectation that Malaysia’s steady growth momentum and strong external position will remain in place over the next two years.
The local currency also traded higher against a basket of major currencies.
The ringgit rose against the British pound to 5.3899/3918 from Monday's close of 5.4064/4101 and climbed versus the Japanese yen to 3.2333/2346 from 3.2564/2589 previously.
It gained against the Singapore dollar to 3.1726/1742 from 3.1779/1805 and strengthened against the euro to 4.6527/6543 from 4.6535/6567 yesterday.
— Bernama
