Ringgit higher against US dollar on improved global sentiment

29 May 2020 / 18:40 H.

KUALA LUMPUR: The ringgit ended the week slightly higher against the US dollar today on improved global sentiment despite lower oil prices, a dealer said.

As at 6pm, the local note was quoted at 4.3450/3500 versus the greenback compared with Thursday’s close of 4.3540/3600.

FXTM market analyst Han Tan said most Asian currencies were able to take advantage of the waning interest on the US dollar this week, as the local note broke below its 50-day moving average against the greenback and traded below the 4.35 psychological level.

“Risk-on sentiment had been taking hold in global markets, allowing Asian currencies to push back against the US dollar.

“However, the optimism surrounding the global economy’s reopening could be punctured by the US President Donald Trump’s latest move on China,” he told Bernama.

At press time, Brent crude fell 2.58% to US$34.38 per barrel.

Against a basket of benchmark currencies, the ringgit traded lower.

The local currency fell against the Singapore dollar to 3.0768/0810 from Thursday’s close of 3.0664/0719 and slipped versus the Japanese yen to 4.0528/0586 from 4.0412/047.

The ringgit depreciated against the euro to 4.8369/8433 from 4.7933/7012 and declined against the British pound to 5.3435/3514 from 5.3363/3454 previously. - Bernama

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