Ringgit extends gains against US dollar

12 Jul 2019 / 18:35 H.

KUALA LUMPUR: The ringgit extended its uptrend against the US dollar at the close today on continued buying, said a dealer.

At 6pm, the local note rose slightly to 4.1110/1150 versus the greenback from yesterday’s close of 4.1140/1170.

He said the ringgit was able to take advantage of the weaker US dollar, as US Federal Reserve chair Jerome Powell had hinted strongly at lowering US interest rates later this month.

“The stronger ringgit is expected to attract more foreign funds in the long term. However, the market sentiment remains cautious in view of the uncertainties in the global market,” he added.

At the close, the local currency traded higher against a basket of major currencies.

It rose against the pound to 5.1511/1586 from 5.1565/1619 on Thursday and strengthened versus the Singapore dollar to 3.0217/0251 from 3.0339/0373.

The ringgit also appreciated against the euro to 4.6273/6323 from 4.6348/6390 and improved against the Japanese yen to 3.7910/7954 from 3.8029/8060 previously. — Bernama

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