KUALA LUMPUR, Aug 5 — The ringgit was slightly higher against the US dollar at the close today, coinciding with the gains seen in the Brent crude oil price amid the tensions in the Middle East.
At 6pm, the local note stood at 4.2140/2190 versus the greenback compared to 4.2180/2230 at yesterday’s close.
Speaking to Bernama, Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said: “The ringgit appreciated slightly today despite the stronger dollar in general following hawkish remarks from the US Federal Reserve.”
It was reported that comments from Fed officials cited that conditions for raising interest rates could be met by the end of 2022.
Adam said the comments would raise expectations the central bank could scale back its bond-buying programme soon.
At press time, the benchmark Brent crude oil price stood at US$70.89 per barrel.
Meanwhile, at the close, the local note was traded higher against a basket of major currencies.
The ringgit rose against the Japanese yen to 3.8456/8505 from 3.8633/8679 at Wednesday’s close and appreciated vis-a-vis the euro to 4.9868/9928 from 5.0017/0076 previously.
It also advanced against the Singapore dollar to 3.1206/1247 from 3.1265/1305 at yesterday’s close and gained against the British pound to 5.8655/8724 from 5.8778/8848 previously.
— Bernama
