Ringgit Rebounds On Bargain Hunting

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KUALA LUMPUR, Apr 5 – The ringgit snapped a six-day losing streak to close higher against the US dollar today on the back of bargain hunting amid cautious sentiment in the market, dealers said. At 6pm, the local unit stood at 4.4295/4325 against the greenback compared with 4.4300/4330 on Tuesday.

A dealer said the ringgit performed well today, bucking the regional trend with most Asian currencies on a declining pattern as sentiment was clouded by concerns over US-China summit tomorrow. He said traders and investors now prefer to stay on the sidelines, awaiting clues on what the leaders of the world’s two largest economies might discuss.

Among Asian currencies that fell today included the South Korean won, Indian rupee, Taiwan dollar, and Thailand bhat. Another dealer said the US dollar lost its traction after North Korea fired its newly developed powerful ballistic missile into its eastern waters, just a day before the US-China summit. Against other major currencies, the ringgit was traded mixed.

It rose against the Singapore dollar to 3.1637/1665 from 3.1661/1691 on Tuesday and strengthened vis-a-vis the yen to 3.9941/9986 from 4.0087/0132 previously. The ringgit, however, fell versus the British pound to 5.5280/5331 from 5.5202/5253 and depreciated against the euro to 4.7254/7290 from 4.7202/7242 previously. — Bernama

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