Selangor Journal

Ringgit strengthens against US dollar at the close

KUALA LUMPUR, June 11 — The ringgit strengthened against the US dollar at the close today as investors looking at the latest US inflation data were sufficiently convinced that the rise in prices may be temporary, said an analyst.

At 6pm, the local note stood at 4.1070/1100 against the greenback from 4.1200/1220 yesterday.

US inflation surged to the highest rate since 2008 amid the Covid-19 pandemic.

“The US labour market has not fully recovered yet, and the Federal Reserve is not bound to change its policy until employment goes back to the pre-Covid-19 levels,” the analyst said.

The four-week average US unemployment claims data was revised up to 405,000 claims from 385,000, while this week’s unemployment claims, at 376,000, exceeded expectations by being above 370,000.

Meanwhile, the local note was mostly higher against a basket of major currencies.

The ringgit appreciated against the yen to 3.7500/7531 from 3.7622/7640 yesterday, rose against the Singapore dollar to 3.1034/1059 from 3.1085/1102 and improved vis-a-vis the euro to 4.9908/9945 from 5.0120/0144.

However, the domestic unit declined against the British pound to 5.8094/8140 from 5.8084/8112 previously.

— Bernama

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