KUALA LUMPUR, Jan 11 — The ringgit strengthened further against the US dollar at the close today as investors awaited US Federal Reserve Chair Jerome Powell’s appearance before the Senate Banking Committee, hoping for hints about the timing of expected policy tightening.
At 6pm, the ringgit was traded at 4.1890/1920 against the greenback compared with 4.1990/2020 at the close yesterday.
Powell is running for a second four-year term as US Fed chairman, and he will appear before the committee and take questions from senators in his bid for a second four-year term.
Meanwhile, the local currency was traded mostly higher against a basket of other major currencies.
It appreciated against the euro to 4.7470/7504 from 4.7554/7588 previously, rebounded versus the Singapore dollar to 3.0965/0990 from 3.0987/1013 on Tuesday, and went up vis-a-vis the British pound to 5.7008/7049 from 5.7018/7059 previously.
The ringgit slipped against the Japanese yen to 3.6303/6332 from 3.6302/6331 yesterday.
— Bernama
