Ringgit Closes Higher On Improved Global Sentiment

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KUALA LUMPUR: The ringgit extended its uptrend to end the week firmer against the US dollar today, lifted by improved sentiment amid hopes for easier global monetary policies this year, an economist said.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid noted that the ringgit staged a commendable performance today following the latest remarks from US Federal Reserve (Fed) chairman Jerome Powell about the outlook for US interest rates.
“The Fed chairman continued to suggest that there is still hope for a rate cut to happen in the US this year,” he said.
Meanwhile, he said the better-than-expected China exports data, which grew 7.1% during the January-February period against market estimates of 1.5%, also supported the ringgit.
“It is a good start considering that the Chinese government is projecting its gross domestic product growth to be in the region of 5% this year,” he told Bernama.
At 6pm, the ringgit bounced to 4.6815/4.6855 against the greenback, compared with yesterday’s close of 4.7025/4.7080.
The ringgit was traded mostly lower against a basket of major currencies.
The local currency eased against the British pound to 6.0050/6.0101 from 5.9952/6.0022 yesterday and slipped vis-a-vis the Japanese yen to 3.1821/3.1850 from 3.1778/3.1817, but rose versus the euro to 5.1188/5.1231 from 5.1257/5.1317 previously.
The ringgit traded mixed against other Asean currencies.
It appreciated against the Singapore dollar to 3.5160/3.5192 from yesterday’s close of 3.5201/3.5247 and improved vis-a-vis the Indonesian rupiah to 300.2/300.6 from 300.3/300.8
The local unit was almost flat versus the Thai baht at 13.2134/13.2321 from 13.2130/13.2340 at yesterday’s close and was unchanged against the Philippine peso at 8.42/8.43. - FMT

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