Selangor Journal

Ringgit rebounds to end higher against US dollar

KUALA LUMPUR, June 24 — The ringgit ended higher against the US dollar today, supported by firmer oil prices while a looming trade war between China and the United States dampened appetite for the greenback.

At 6pm, the local note rebounded to 4.1580/1610 versus the greenback from 4.1600/1640 at yesterday’s close.

An analyst said higher Brent crude oil price had lent some support for the local note, while the latest update on China’s ambassador to the US to leave after eight years had further helped the ringgit along with other Asian currencies, which are currently sensitive to external news.

“The Chinese ambassador signalled that the relationship between the two economies are at a critical crossroads and the US’ China policy is undergoing a new round of restructure, facing a choice between dialogue and cooperation, or confrontation and conflict,” he said.

At the time of writing, Brent crude rose 0.16 per cent to US$75.31 per barrel.

At the close, the ringgit was traded mixed against a basket of major currencies.

The local note rose versus the British pound to 5.8050/8092 from 5.8078/8134 at Wednesday’s close and inched up against the euro to 4.9655/9691 from 4.9670/9718.

However, It eased versus the Singapore dollar to 3.0949/0974 from 3.0929/0964 yesterday and fell vis-a-vis the Japanese yen to 3.7507/7534 from 3.7488/7527 previously.

— Bernama

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