Ringgit Finishes Slightly Higher Against the US Dollar | Money

Malaysian Ringgit and US Dollars on November 24, 2020 – Photo by Hari Anggara

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KUALA LUMPUR, May 27 – The ringgit closed slightly higher against the US dollar today, supported by buying interest in the local note, a dealer said.

As of 6 p.m., the local currency rose 20 basis points to 4.1380 / 1410 against the greenback from Tuesday’s close of 4.1400 / 1450.

The market was closed yesterday for the celebration of Wesak Day and resumed operations today.

The concessionaire said the ringgit will trade with a defensive posture due to the growing sense of global risk associated with falling oil prices.

“Despite the decline in oil prices, Malaysian government securities (MGS) continue to look attractive, and with the currency still in catch-up mode with its regional peers, it has attracted favorable attention,” he said. .

RAM Rating Services in a statement previously said net overseas purchases of Malaysian bonds in April rose to RM 6.4 billion from RM 5.9 billion in March, extending the current streak of 12-month overseas purchases totaling RM60.2 billion. .

At the time of writing, the benchmark Brent crude oil price has fallen 0.73 percent to US $ 68.37 per barrel.

Meanwhile, the local note traded mostly higher against a basket of major currencies.

The ringgit fell against the Singapore dollar at 3.1258 / 1293 from Tuesday’s close of 3.1238 / 1281, but strengthened against the euro at 5.0450 / 0499 from 5.0727 / 0805 previously.

It also appreciated against the yen at 3.7890 / 7925 against 3.8044 / 8101 on Tuesday and rose against the British pound to 5.8424 / 8479 against 5.8697 / 8784 previously. – Bernama

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