Thursday, 06 Aug 2020
MARKET
30/07/2020 07:33 PM

By Farhana Poniman

KUALA LUMPUR, July 30 -- The ringgit closed higher against the US dollar today on stronger demand, following the release of a dovish statement from the US Federal Reserve (Fed) at the conclusion of its two-day meeting yesterday.

The ringgit finished at 4.2380/2420 against the greenback from 4.2410/2470 at 6 pm yesterday.

OANDA Asia-Pacific senior market analyst Jeffrey Halley said the Fed decided to hold rates steady and its chairman Jerome Powell reiterated that any wobbles in growth and bond yields would be met with a wall of Fed money.

“Most importantly, Powell also reassured markets that they would alleviate any shortage of offshore US dollars if necessary.

“This will bring a sigh of relief to emerging markets and pave the way for the recommencing of the US dollar sell-off,” he added.

Meanwhile, the ringgit was traded mixed against other benchmark currencies.

The local note rose against the Singapore dollar to 3.0806/0849 from 3.0839/0892 at the close yesterday as well as against the Japanese yen to 4.0350/0400 from 4.0414/0475.

However, it fell against the British pound to 5.5102/5176 from 5.4993/5079 yesterday and declined against the euro to 4.9826/9882 from 4.9819/9894 previously.

-- BERNAMA

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