Ringgit Ends Higher Against ASEAN Currencies, Lower Versus US Dollar

By Engku Shariful Azni Engku Ab Latif

KUALA LUMPUR, Oct 8 (Bernama) -- The ringgit closed higher on Thursday against most ASEAN currencies, but lower against the US dollar amid a renewed surge in oil prices and escalating geopolitical tensions in West Asia, an analyst said.

At 6 pm, the ringgit inched down to 4.0890/0940 against the greenback from Wednesday’s close of 4.0850/0895.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said Brent crude rose 4.08 per cent to US$104.29 per barrel as the West Asia conflict is expected to be prolonged.  “In addition, concerns about fiscal sustainability in Europe, especially in France, have led to a stronger US dollar. It appears that … traders are seeking refuge against uncertainties,” he told Bernama today.

At the close, the ringgit traded mixed against a basket of major currencies.

The local note went up against the British pound to 5.3930/3996 from 5.4049/4108 at Wednesday’s close, strengthened against the euro to 4.5719/5775 from 4.5740/5790, but eased against the Japanese yen to 2.5834/5867 from 2.5797/5827.

The ringgit was traded mostly higher against its ASEAN peers.

The local note edged up against the Singapore dollar to 3.1893/1934 from 3.1919/1957 at Wednesday’s close, and appreciated against the Philippine peso to 6.50/6.51 from 6.51/6.52.

It advanced against the Indonesian rupiah to 228.2/228.6 from 228.3/228.7, but weakened against the Thai baht to 12.1371/1563 from 12.1217/1386 previously.

-- BERNAMA