Ringgit rebounds against US dollar on improved risk appetite
KUALA LUMPUR: The ringgit rebounded to close higher against the US dollar today, supported by improved risk appetite for the local note despite prevailing global uncertainties.
At 6 pm, the local note rose to 4.2215/2275 versus the US dollar from Tuesday's close of 4.2345/2430.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the greenback is looking weaker at the moment despite stronger United States (US) economic data and the recent tariff-related trade policy shifts.
"Concurrently, foreign investor confidence in Malaysia has been gradually improving, underpinned by a pragmatic fiscal consolidation strategy that supports a cautiously optimistic outlook.
"The government remains prudent in advancing fiscal reforms, targeting a reduction in the budget deficit to approximately three per cent of gross domestic product (GDP) and maintaining the statutory debt limit at 65 per cent of GDP over the medium term,' he told Bernama.
Afzanizam noted that US economic data looked favourable last night with the US Conference Board Consumer Confidence Index climbing to 98.0 points in May from 85.7 points in April.
"The postponement of the US tariff on the EU to July 9 also implies that the US President Donald Trump's administration is receptive and willing to negotiate for better terms,' he added.
At the close, the ringgit traded higher against a basket of major currencies.
It rose against the Japanese yen to 2.9271/9315 from Tuesday's close of 2.9425/9486, gained vis-à-vis the euro to 4.7838/7906 from 4.8053/8150 yesterday and appreciated against the British pound to 5.7028/7109 from 5.7352/7467 previously.
The local note also traded higher against its ASEAN peers.
It strengthened against the Singapore dollar to 3.2776/2825 from 3.2894/2963 on Tuesday and inched up against the Thai baht to 2.9355/9614 from 12.9365/9676 yesterday.
The ringgit edged higher vis-à-vis the Philippine peso to 7.60/7.62 from 7.62/7.64 at yesterday's close and rose versus the Indonesian rupiah to 259.0/259.5 from 259.9/260.6 previously. - Bernama
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