KUALA LUMPUR, Feb 25 — The ringgit rebounded to close higher versus the US dollar on Friday amid a weaker greenback and better local sentiment.
At 6pm, the local note stood at 4.2005/2040 versus the greenback compared with 4.2030/2080 yesterday.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the improved sentiment in the local market has garnered interest for the ringgit.
“Meanwhile, the Brent crude has appreciated to above US$100 per barrel while regional equities were generally on a positive note,” he told Bernama.
He said the extent of economic sanctions has been intensified with the latest salvo coming from the European Commission which decided to cut 70 per cent of Russia’s banking system off from the international financial markets and place limits on the amount of money Russian elites can hold in the European Union.
There is also a ban on the sale of aircraft and spare parts to Russia.
Meanwhile, the ringgit was traded higher against a basket of other major currencies.
It rose against the Singapore dollar to 3.1016/1044 from 3.1062/1104 at the close yesterday, appreciated vis-a-vis the British pound to 5.6177/6224 from 5.6455/6522.
The local currency jumped versus the yen to 3.6422/6455 from 3.6624/6671 and increased against the euro to 4.6966/7005 from 4.7086/7142 previously.
— Bernama
