Ringgit Holds Steady To Close Higher Against US Dollar

By Zufazlin Baharuddin

KUALA LUMPUR, Dec 30 (Bernama) -- The ringgit held firm to close marginally higher against the US dollar on Monday despite a strong greenback underpinned by elevated US bond yields.

At 6 pm, the ringgit rose to 4.4645/4700 against the greenback, compared with Friday’s close of  4.4680/4750.

Yields on 10-year US Treasuries are near eight-month highs at 4.631%.

SPI Asset Management managing partner Stephen Innes said the outlook of the local currency is uncertain for now. “There are uncertainties surrounding American trade policies and the US Federal Reserve's (Fed) stance for 2025. Much of the Fed's (monetary) direction will hinge on the policy framework of the next White House administration,” he told Bernama.

The ringgit closed mostly lower against other major currencies. 

It appreciated against the Japanese yen to 2.8278/8314 from last Friday’s close of 2.8300/8346 but slipped against the British pound to 5.6146/6215 from 5.5904/5991 and was lower vis-a-vis the euro at 4.6583/6640 from 4.6543/6616.

The local note traded mixed against ASEAN currencies. 

It dipped versus the Singapore dollar to 3.2890/2935 from 3.2846/2900 at the previous close and was lower against the Indonesian rupiah at 276.5/277.0 from 275.4/276.1.

However, it strengthened against the Thai baht to 13.0905/1139 from 13.1023/1289 and gained versus the Philippine peso to 7.70/7.72 from 7.72/7.74 previously.

-- BERNAMA