Ringgit rebounds to end higher against US dollar

KUALA LUMPUR: The ringgit rebounded from Wednesday's losses to finish higher against the US dollar today and in line with other emerging currencies.

At 6pm, the local unit was traded at 3.9835/9875 against the greenback from Wednesday's close of 3.9920/9960.

A dealer said a softer greenback ahead of the European Central Bank (ECB) meeting later today had cushioned the impact from the US Federal Reserve's decision to increase the interest rate by 0.25% for a second time this year to between 1.75% and 2%.

“It was reported that the ECB is likely to end its asset purchases by year-end at the meeting, which weighed on the US dollar and helped strengthen emerging currencies, including the ringgit against the greenback,” he added.

Meanwhile, the dealer noted that local market remained quiet ahead of the Hari Raya holiday-shortened trading period, as many traders had started their holiday and were away from their desks.

The market is closed tomorrow (Friday) for the Hari Raya Aidilfitri holiday.

At close, the local unit traded mostly lower against a basket of currencies.

It fell against the British pound to 5.3506/3576 from Wednesday's close of 5.3241/3311, declined against the Japanese yen to 3.6230/6270 from 3.6097/6140 and slipped against the euro to 4.7097/7160 from 4.6922/6973.

Vis-a-vis the Singapore dollar, the local unit advanced to 2.9861/9896 from 2.9874/9908. — Bernama

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