Ringgit closes higher as US dollar remains under pressure
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KUALA LUMPUR, March 20 — The ringgit closed higher against the US dollar today as the greenback continued to remain under pressure following a less hawkish stance by the Federal Reserve on interest rate hikes.
At 6 pm, the local unit stood at 4.4250/4280 against the greenback compared with 4.4340/4370 on last Friday.
A dealer said the ringgit’s performance was in line with other Asian currencies which rose on the back of the greenback’s weakness.
Meanwhile, OANDA Senior Trader Stephen Innes said the stronger-than-expected Chinese data released last week added to the dollar’s squeeze.
“Stability in China will bode well for regional sentiment, which will be supportive of a recovery in commodity prices, along with higher inflation, all of which should pass through to the region,” he said.
The ringgit, meanwhile, was traded mixed against other major currencies.
It was marginally lower against the Singapore dollar at 3.1639/1672 from 3.1638/1682 last Friday and slipped versus the yen to 3.9215/9259 from 3.9156/9196 previously.
The ringgit gained against the euro to 4.7591/7628 from 4.7767/7818 on Friday and strengthened against the British pound to 5.4919/4965 from 5.4933/4983, previously. — Bernama