Ringgit ends at nine-month high against US dollar

KUALA LUMPUR, Jan 25 — The ringgit extended its uptrend to end at nearly a nine-month high against the US dollar today on improved buying interest amid encouraging sentiment, an analyst said.

At 6pm, the ringgit climbed to 4.2575/2625 against the greenback from Friday’s closing of 4.2830/2875.

The market resumed trading today after being closed on Jan 23 and 24 in conjunction with the Chinese New Year holiday.

SPI Asset Management managing partner Stephen Innes said the ringgit continued its stellar performance, supported by the premise that the United States Federal Reserve was heading into a downshift that would strengthen Asian currencies.

“The reopening of China also further enhanced market sentiment towards the local currency, in anticipation of increasing Chinese tourist demand which should provide a big boost to local services and tourism beneficiaries,” he told Bernama.

At the close, the ringgit also traded higher against a basket of major currencies.

The local note rose against the Singapore dollar to 3.2352/2392 from 3.2386/2425 at Friday’s close and strengthened vis-a-vis the Japanese yen to 3.2790/2831 from 3.3073/3111 previously.

It also appreciated versus the British pound to 5.2418/2480 from 5.2861/2916 at the end of last week and improved against the euro to 4.6322/6376 from 4.6393/6442. — Bernama