KUALA LUMPUR, June 25 — The ringgit ended the week stronger versus the US dollar as market participants kept a close eye on the developments in the United States (US) that had caused the dollar to fluctuate.
At 6pm, the local note improved to 4.1560/1575 versus the greenback from 4.1580/1610 at yesterday’s close.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the local note took its cue from the developments in the US amidst the weaker US dollar.
“The spotlight is on the US Federal Reserves (US Fed) over the week, with a series of US Fed officials making statements to the media.
“There seem to be mixed messages, with some agreeing that the monetary policy accommodation should be withdrawn soon, but US Fed chair Jerome Powell said that the rising inflation is expected to be transitory,” he said to Bernama.
At the close, the ringgit was traded mixed against a basket of major currencies.
The local note rose versus the British pound to 5.7781/7802 from 5.8050/8092 at Thursday’s close and inched up against the euro to 4.9627/9645 from 4.9655/9691 previously.
However, it had eased versus the Singapore dollar to 3.0964/0980 from 3.0949/0974 yesterday and fell further vis-a-vis the Japanese yen to 3.7526/7540 from 3.7507/7534 previously.
— Bernama
