KUALA LUMPUR, Jan 12 — The ringgit strengthened further against the US dollar on Wednesday, as the greenback’s weaker performance was heavily influenced by US Federal Reserve Chair Jerome Powell’s testimony, which revealed no surprises in terms of monetary tightening.
At 6pm, the ringgit was traded at 4.1845/1860 against the US dollar compared with 4.1890/1920 at the close yesterday.
An analyst said the US dollar is seeking a direction, especially with Powell’s nomination and the US economic data, hence, the local note is expected to trend higher amid this background.
Meanwhile, the local currency was traded mostly lower against a basket of other major currencies.
The ringgit rebounded against the Japanese yen to3.6280/6296 from 3.6303/6332 yesterday.
However, it depreciated against the euro to 4.7565/7582 from 4.7470/7504 on Tuesday, weakened versus the Singapore dollar to 3.0976/0989 from 3.0965/0990 and was easier vis-a-vis the British pound to 5.7043/7064 from 5.7008/7049 previously.
— Bernama
