Ringgit ends sharply higher against US dollar

KUALA LUMPUR: The ringgit ended sharply higher against the weakening US dollar, tracking the positive performance of most emerging market currencies.
A dealer said the ringgit was also well supported by rising crude oil prices.
At 6pm, the local note finished 130 basis points better at 4.0250/0300 against the greenback from last Friday's 4.0380/0420.
A dealer said the softer greenback, which was dragged by mixed key data released on Friday, improved risk appetite for emerging currencies that included the ringgit.
"Besides, the benchmark Brent crude oil trade which traded at US$77.81 (RM313.47) per barrel as of 6.13pm, also helped lifted sentiment for the ringgit," he said.
However, the dealer noted that investors were waiting for the outcome of Bank Negara Malaysia's Monetary Policy Committee (MPC) meeting on July 11, 2018 for further investment direction, although many analysts expecte the central bank to maintain its overnight policy rate at 3.25%.
At the close, the local unit was mostly lower against a basket of currencies, except versus the yen.
The ringgit slipped against the Singapore dollar to 2.9731/9772 from 2.9672/9712, dipped against the euro to 4.7366/7437 from 4.7277/7340 and fell against the pound to 5.3681/3756 from 5.3419/3476 previously.
However, vis-a-vis the yen, it advanced to 3.6439/6487 from 3.6497/6536 last Friday. — Bernama