Ringgit rebounds to close slightly higher against US dollar

KUALA LUMPUR: The ringgit rebounded to close slightly higher against the US dollar today, as the greenback retreated from an 11-month high on profit-taking after a recent rally, dealers said.
At 6pm, the ringgit was quoted at 4.0010/0040 against the greenback compared with Thursday's close of 4.0140/0170.
A dealer said the local currency was marginally higher by about 0.31%, in tandem with the slight weakening of the dollar index by 0.26%.
"The movement of the local currency was also in tandem with a slight improvement on Bursa Malaysia which closed higher, bucking the regional trend on positive local news," he said.
Prime Minister Tun Dr Mahathir Mohamad's comment that he sees the fair value of the ringgit at RM3.80 against the US dollar helped lift the local currency, he said.
On another note, he added the announcement of Datuk Nor Shamsiah Mohd Yunus as the new Governor of Bank Negara Malaysia (BNM) today, for a term of five years effective from July 1, 2018, was also seen as a positive as she is a very capable figure with in-depth knowledge and experience in BNM.
The local unit was traded mostly lower against a basket of currencies, except the Japanese yen.
It fell against the Singapore dollar to 2.9484/9511 from Thursday's close of 2.9461/9493 and decreased against the British pound to 5.3189/3245 versus 5.2620/2675.
The ringgit fell against the euro to 4.6644/6683 from 4.6233/6276 on Thursday, but improved vis-a-vis the Japanese yen to 3.6323/6360 from 3.6355/6386 yesterday. — Bernama