KUALA LUMPUR, April 9 — The ringgit rebounded to close slightly higher against the US dollar on Friday as the US Treasury yields continued to retreat and dampened appetite for the greenback.
At 6 pm, the local currency ended at 4.1330/1370 against the greenback from 4.1360/1390 yesterday.
Axi chief global markets strategist Stephen Innes said the ringgit was also supported by oil prices, which finally shows some semblance of calm, attempting to form a base around Brent at US$63 per barrel.
“However, the offset to the ringgit is a hint of disquiet on local bond markets as Bank Negara Malaysia’s next policy move may likely be higher than lower (on overnight policy rate),” he said in a statement.
Meanwhile, the ringgit was traded mixed against other major currencies.
The local note rose versus the British pound to 5.6618/6685 from 5.6825/6878 at Thursday’s close and strengthened further against the Singapore dollar to 3.0800/0839 from 3.0836/0867 yesterday.
However, it slipped against the euro to 4.9141/9205 from 4.9070/9109 yesterday and declined vis-a-vis the yen to 3.7689/7733 from 3.7744/7782 previously.