KUALA LUMPUR, April 15 — The ringgit continued to trade higher against the US dollar at the close today, for the second consecutive day, as the weaker greenback improved demand for emerging currencies, said an analyst.
At 6pm, the local note improved 40 basis points to 4.1230/1260 against the US dollar from 4.1270/1300 at Wednesday’s close.
Axi chief global markets strategist Stephen Innes said the dovish comments from the senior Federal Reserve member overnight on the US interest rate continued to weaken the US dollar more broadly.
“The steady benchmark Brent crude oil prices which were trading above US$66 per barrel had also continued to strengthen the local unit,” he told Bernama.
However, the ringgit was lower against other major currencies.
It weakened against the Singapore dollar to 3.0893/0923 from 3.0861/0888 on Wednesday and depreciated against the yen to 3.7906/7937 from 3.7855/7890.
Vis-a-vis the pound, the local currency declined to 5.6860/6906 from 5.6825/6874, while against the euro, it slipped to 4.9381/9434 from 4.9342/9387.