Ringgit strengthens against US dollar, major currencies as fiscal worries weigh on greenback
KUALA LUMPUR, May 23 — The ringgit closed higher against the US dollar and other major and regional currencies today as the greenback remained weak amid continued concerns over US fiscal policy.
At 6pm, the local note jumped to 4.2285/2345 versus the US dollar from yesterday's close of 4.2705/2765.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US House of Representatives' approval for a sweeping tax and spending bill has added to worries over the credit outlook of the United States.
'This corresponds with the recent sovereign rating downgrade by Moody's Ratings,' he told Bernama.
The ringgit traded higher against a basket of major currencies at the close.
It appreciated against the British pound to 5.7072/7153 from 5.7212/7292 yesterday, gained vis-à-vis the euro to 4.7985/8053 from 4.8218/8286, and went up versus the Japanese yen to 2.9502/9546 from 2.9768/9812.
The local note also traded higher against its Asean peers.
It improved against the Singapore dollar to 3.2891/2940 from 3.3061/3110 yesterday, strengthened against the Thai baht to 12.9744/13.0012 from 13.0000/0254, and advanced vis-à-vis the Philippine peso to 7.65/7.66 from 7.68/7.69.
The ringgit increased against the Indonesian rupiah to 260.7/261.1 from 261.5/262.0. — Bernama
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