KUALA LUMPUR, Dec 9 — The ringgit ended higher against the US dollar today on continued buying interest, said a dealer.
At 6 pm, the local note appreciated to 4.2150/2180 against the greenback from 4.2240/2260 at Wednesday’s close.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the ringgit was on firmer footing in the morning session with the local note going as high as RM4.2075 against the greenback.
“But during the afternoon session, the currency weakened to RM4.2165 versus US dollar. Generally, the ringgit has gained some strength.
“From the technical perspective, the ringgit has been in an oversold condition, suggesting that the currency is primed for an appreciation,” he told Bernama.
However, he said issues surrounding the latest coronavirus variant and the subsequent measures by certain jurisdictions to restrict human mobility will continue to exert pressure on the ringgit as demand for the US dollar is likely to remain dominant.
“All eyes will be on Federal Open Market Committee (FOMC) meeting between Dec 14-15.
“Either way, the US dollar is expected to remain strong in the near future,” he added.
The local note was traded higher vis-a-vis a basket of major currencies, except against the euro.
The ringgit went up against the Singapore dollar to 3.0897/0921 from 3.0954/0973 at Wednesday’s close, strengthened versus the Japanese yen to 3.7117/7174 from 3.7206/7227, and improved further against the British pound to 5.5655/5694 from 5.5938/5965.
However, the local note fell against the euro to 4.7705/7739 from 4.7672/7695.
— Bernama
