Ringgit rebounds to close higher against US dollar

by BERNAMA / pic by TMR file

KUALA LUMPUR – The ringgit rebounded from yesterday’s low to close higher against the US dollar today as investors shifted interest towards the riskier assets on renewed concern over the greenback, a dealer said.

At 6 pm, the local note ended at 3.9070/9100 against the greenback from 3.9135/9165 on Tuesday.

The dealer said investors were cautious over the heavy sell-off in global stock markets, which resulted in the US dollar to retreat from earlier gains, as investors turned towards other ‘safe haven’ currencies like the yen.

He said investors were focusing on US stocks, which were expected to continue their downtrend at its next trading opening session.

The downtrend has been the reason for the latest turbulence in global markets and currencies, he said.

The ringgit also closed higher against a basket of major currencies.

It went up against the Singapore dollar to 2.9614/9646 from Tuesday’s 2.9632/9657 and rose versus the yen to 3.5811/5849 from 3.5897/5934 previously.

It strengthened against the euro to 4.8248/8292 from 4.8535/8580 on Tuesday and appreciated against the British pound to 5.4389/4447 from 5.4762/4808 previously.