KUALA LUMPUR, Feb 8 — The ringgit ended higher against the US dollar today in line with emerging Asian currencies, on the back of firmer crude oil prices and the softer greenback, analysts said.
At the close, the local currency rose to 4.0630/0680 against the US dollar from last Friday’s close of 4.0680/0730.
An analyst said the greenback had weakened today, with the dollar index hovering around the 91.00 region after the United States (US) registered a weaker than expected January employment data.
Meanwhile, Axi chief global market strategist Stephen Innes said the local currency received a boost from the US stimulus chatter and the US President Joe Biden’s pushing back against loosening Iran sanctions, which saw oil prices surging past US$60 per barrel to the ringgit’s benefit
“However, higher US yields could be a significant factor across the currency market if they start to negatively impact stock markets, which would see safe-haven demand for US dollar picking up.
“Also, traders are trading a bit cautiously ahead of Lunar New Year holiday, knowing that liquidity will soon dry up,” he told Bernama.
Meanwhile, the ringgit was traded mixed against other major currencies.
It eased against the Singapore dollar to 3.0421/0465 from last Friday’s 3.0415/0455 and weakened vis-a-vis the euro to 4.8874/8942 from 4.8714/8786.
Conversely, the local currency appreciated against the yen to 3.8472/8523 from 3.8570/8621 and improved against the British pound to 5.5683/5764 from 5.5687/5772 previously.
— Bernama
