Selangor Journal

Ringgit ends higher against US dollar

KUALA LUMPUR, Oct 26 — The ringgit ended higher against the US dollar on Tuesday supported by improved sentiment towards the local currency ahead of the tabling of Budget 2022 later this week, an analyst said.

At 6pm, the local currency rose to 4.1450/1475 versus the greenback from 4.1480/1510 at yesterday’s close.

Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said investors would keep their eyes on Budget 2022 tabling on Friday wherein the government was expected to maintain its expansionary fiscal policy stance.

“Meanwhile, the reopening of more economic sectors is obviously a boon, thereby leading to lively economic activities. We foresee the ringgit should be in positive territory in the immediate term,” he said.

At the close, the local note was traded higher against a basket of major currencies, except versus the British pound where it slipped to 5.7172/7206 from 5.7043/7085 at Monday’s close.

The ringgit appreciated against the Singapore dollar to 3.0779/0800 from 3.0781/0805 yesterday, gained against the Japanese yen to 3.6353/6378 from 3.6504/6534, and strengthened vis-a-vis the euro to 4.8148/8177 from 4.8229/8264 previously.

— Bernama


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