KUALA LUMPUR, Aug 27 — The ringgit ended the week on a positive note against the US dollar, as the announcement of the Cabinet line-up provided more confidence among investors towards Malaysia’s leadership, said Bank Islam Malaysia Bhd economist Adam Mohamed Rahim.
At 6pm, the local note rose by 50 basis points to 4.1890/1930 versus the greenback from Thursday’s close of 4.1940/1965.
Earlier, Prime Minister Datuk Seri Ismail Sabri Yaakob unveiled his Cabinet line-up, which is formed after former Prime Minister Tan Sri Muhyiddin Yassin, who led the Perikatan Nasional government, stepped down on August 16.
Besides Tengku Datuk Seri Zafrul Abdul Aziz who keeps his position as Finance Minister, Datuk Seri Mohamed Azmin Ali is also retained as Senior Minister and International Trade and Industry Minister and Datuk Seri Mustapa Mohamed remains Minister in the Prime Minister’s Department (Economy).
Another analyst said sentiment for the ringgit was also boosted by steady crude oil price which rose 1.44 per cent to US$72.09 per barrel.
Meanwhile, the local note was traded mostly higher against a basket of major currencies.
It rose against the euro to 4.9254/9301 from 4.9376/9405 at Thursday’s close, strengthened versus the Japanese yen to 3.8044/8084 from 3.8075/8102, and appreciated vis-a-vis the British pound to 5.7427/7482 from 5.7659/7693 previously.
The local unit, however, weakened versus the Singapore dollar to 3.1009/1041 compared to 3.0998/1021 yesterday.
— Bernama
