Ringgit Ends Higher Against ASEAN Currencies, Eases Against US Dollar
KUALA LUMPUR, Oct 5 -- The ringgit closed higher against most ASEAN currencies but eased against the US dollar on Monday, amid renewed concerns over France’s public finances following a sharp sell-off in its bond market last week.
At 6 pm, the ringgit eased to 4.0845/0890 against the greenback from Friday’s close of 4.0820/0870.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) gained further momentum as risk-off sentiment prevailed amid concerns over public finances and political upheaval in European economies.
“The euro fell to a 17-month low on Monday following news of a snap election in Spain.
“Hence, the ringgit remained in a tight range against the US dollar thus far,” he told Bernama.
The ringgit traded mixed against a basket of major currencies.
The local note rose against the euro to 4.5775/5825 from 4.5927/5983 at Friday’s close and gained against the Japanese yen to 2.5858/5886 from 2.5906/5941. However, it depreciated against the British pound to 5.4022/4081 from 5.3927/3993.
Meanwhile, the ringgit traded mostly higher against ASEAN currencies.
It edged up against the Singapore dollar to 3.1905/1943 from 3.1908/1952 at Friday’s close and strengthened against the Thai baht to 12.1234/1411 from 12.1579/1778.
The local currency was also marginally higher against the Indonesian rupiah at 227.9/228.3 versus 228.2/228.6, but was unchanged against the Philippine peso at 6.52/6.53 versus 6.52/6.54 previously.
-- BERNAMA