Ringgit Rebounds To End Higher Against US Dollar

By Zarul Effendi Razali

KUALA LUMPUR, June 20 (Bernama) -- The ringgit rebounded from yesterday’s losses to end higher against the US dollar on Friday, as the latest developments on the Iran-Israel war sparked some buying interest in emerging currencies, a dealer said.

At 6 pm, the local note strengthened to 4.2505/2565 versus the greenback from yesterday’s close of 4.2590/2625.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said that the Israel-Iran war continued to take centre stage as the United States was still weighing its option to participate in the conflict.

“White House spokeswoman Karoline Leavitt indicated that President Donald Trump will make his decision whether or not to go within the next two weeks. The US Dollar Index (DXY) fell 0.22 per cent to 98.691 points,” he told Bernama. 

However, the ringgit traded mostly lower against a basket of major currencies at the close.

It slipped versus the British pound to 5.7356/7437 from 5.7164/7211 at Thursday’s close and declined vis-à-vis the euro to 4.9000/9069 from 4.8868/8908 yesterday, but appreciated against the Japanese yen to 2.9245/9289 from 2.9286/9312 previously.

The ringgit performed mixed against its ASEAN peers.

The local note advanced versus the Indonesian rupiah to 259.2/259.7 from 259.5/259.9 on Thursday and rose vis-à-vis the Thai baht to 12.9727/9969 from 12.9966/13.0513 previously.

However, it weakened against the Singapore dollar to 3.3088/3140 from 3.3072/3102 yesterday and slid versus the Philippine peso to 7.43/7.45 from 7.41/7.42 at the previous close.

-- BERNAMA