KUALA LUMPUR, Nov 24 - The ringgit rose against the United States (US) dollar on Monday, supported by improved sentiment as diminished expectations for a December US interest rate cut alleviated pressure on emerging-market currencies.
At 6pm, the ringgit appreciated to 4.1370/1420 against the greenback, strengthening from last Friday’s close of 4.1460/1495.
Bank Muamalat Malaysia Bhd’s chief economist Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) remained above 100 points, reflecting continued strength in the US dollar as expectations for a December interest rate cut waned.
“However, the ringgit was traded in a narrow range against the greenback today, oscillating between RM4.1393 and RM4.1508,” he told Bernama.
At the close, the ringgit was mostly traded higher against a basket of major currencies.
It traded at 2.6392/6426 versus the yen, compared to 2.6453/6479 at last Friday’s close. The ringgit also improved against the euro to 4.7700/7757 from 4.7779/7819.
However, the local note was marginally weaker against the British pound at 5.4153/4219, compared with 5.4143/4188 previously.
The ringgit was traded higher against Asean currencies.
It edged up against the Singapore dollar at 3.1689/1730 compared with 3.1695/1724 on Friday, strengthened against the Thai baht to 12.7324/7525 from 12.7601/7759, appreciated versus the Indonesian rupiah to 247.7/248.1 from 248.0/248.3, and firmed against the Philippine peso at 7.02/7.04 from 7.04/7.05 on Friday.