Ringgit closes slightly higher against US dollar

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Ringgit closes slightly higher against US dollar 1

KUALA LUMPUR: The ringgit rebounded from yesterday losses to end slightly higher against the US dollar today, as the latest developments on the global market prompted some investors to shift towards riskier assets, dealer said.

As of 6pm, the local note stood at 4.4335/4400 compared with yesterday’s close of 4.4400/4480.

The US Federal Reserve announced an open-ended asset purchasing programme on Monday and said the programme will run in the “amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy”.

At the same time, the dealer said Germany is set to unveil major stimulus measures, as the death toll from the Covid-19 outbreak rises throughout Europe.

Meanwhile, the ringgit was traded mostly lower against a basket of major currencies.

It fell slightly against the Singapore dollar at 3.0557/0611 from 3.0474/0543 at Monday’s close and declined vis-a-vis the euro to 4.7967/8007 from 4.7539/7634 yesterday.

It had strengthened against the Japanese Yen to 4.0174/0185 from 4.0290/0374, but depreciated against the British pound to 5.1689/1703 from 5.1619/1730 yesterday. – Bernama


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