Ringgit Hits Fresh Five-year High As Weaker Dollar Lifts Sentiment
The ringgit climbed to another five-year high against the US dollar in early Wednesday trade, supported by a weaker greenback as the US dollar index (DXY) softened.
At 8 am, the local currency strengthened to 4.0490/0710 versus the greenback from Tuesday’s close of 4.0615/0665. The ringgit was last seen at similar levels on March 3, 2021, when it traded at 4.0490/0530.
The ringgit also opened firmer against a basket of major currencies. It appreciated against the Japanese yen to 2.5934/6076 from 2.6039/6072 previously, strengthened versus the British pound to 5.4718/5015 from 5.4851/4918 and rose against the euro to 4.7762/8022 from 4.7901/7960.
Against regional peers, the local note continued to gain ground. It advanced against the Singapore dollar to 3.1524/1701 from 3.1607/1648, improved versus the Thai baht to 13.0126/0921 from 13.0486/0705 and edged higher against the Indonesian rupiah to 241.2/242.6 from 241.9/242.3.
The ringgit also strengthened against the Philippine peso, trading at 6.88/6.92 compared with 6.90/6.91 at the previous close.
Bernama
