Ringgit closes firmer against US dollar

KUALA LUMPUR: The ringgit strengthened further against the US dollar today, buoyed by renewed bullish sentiment towards the oil markets and greenback weakness, an international forex broker said.

At 5pm, it was quoted at 4.0500/0560 against the greenback from 4.0565/0625 yesterday.

ForexTime (FXTM) chief market analyst Jameel Ahmad said the ringgit benefitted from a period of extraordinary weakness of the US dollar, following the US Federal Reserve comments that there was no realistic chance it would raise interest rates four times this year.

"The pushed back US interest rate expectations are welcome news to the emerging markets because it will prevent further outflow from these markets and might actually make investors consider putting their money back into emerging markets," he said in a statement today.

He said it was now becoming very clear to investors that the US interest rates were going to remain very low despite the historic increase late last year.

Meanwhile, the ringgit ended mixed against other major currencies.

It increased against the Singapore dollar to 2.9801/9865 from Thursday's 2.9878/9940 but eased against the Yen to 3.6395/4658 from 3.6303/6373.

The local unit weakened against the British pound to 5.8381/8475 from 5.8004/8098 yesterday but appreciated against the Euro to 4.5611/5695 from 4.5794/5874. — Bernama