KUALA LUMPUR: The ringgit rose against the US dollar today, supported by improved sentiment as diminished expectations for a December US interest rate cut alleviated pressure on emerging-market currencies.
Bank Muamalat Malaysia Bhd’s chief economist Afzanizam Rashid said the US Dollar Index (DXY) remained above 100 points, reflecting continued strength in the US dollar as expectations for a December interest rate cut waned.
“However, the ringgit was traded in a narrow range against the greenback today, oscillating between RM4.1393 and RM4.1508,” he told Bernama.
At 6pm, the ringgit appreciated to 4.1370/4.1420 against the greenback, strengthening from last Friday’s close of 4.1460/4.1495.
At the close, the ringgit was mostly traded higher against a basket of major currencies.
It traded at 2.6392/2.6426 versus the yen, compared to 2.6453/2.6479 at last Friday’s close.
The ringgit also improved against the euro to 4.7700/4.7757 from 4.7779/4.7819.
The local currency, however, was marginally weaker against the British pound at 5.4153/5.4219, compared with 5.4143/5.4188 previously.
The ringgit was traded higher against Asean currencies.
It edged up against the Singapore dollar to 3.1689/3.1730 compared with 3.1695/3.1724 on Friday, strengthened against the Thai baht to 12.7324/12.7525 from 12.7601/12.7759, appreciated versus the Indonesian rupiah to 247.7/248.1 from 248.0/248.3 and firmed against the Philippine peso at 7.02/7.04 from 7.04/7.05 on Friday.
