Ringgit ends marginally higher against US Dollar

KUALA LUMPUR: The ringgit closed marginally higher on Tuesday. However it remained at an all-time low due to a lack of push factor for the ringgit as well as traders favouring the US dollar, a dealer said.

At 6 pm, the local note was slightly better versus the greenback at 4.7350/7375 from 4.7380/7395 chalked up last Friday.

A dealer said traders have been focusing on the dollar and would continue to do so, capitalising on the rising dollar and rising US treasury yields.

“We expect the traders will continue watching the US dollar movement closely, which in turn dampened the demand for the local note,” he added.

Meanwhile, the ringgit weakened against a basket of major currencies from Friday’s closing.

The local currency fell against the euro to 4.6711/6735 from 4.6139/6153 last Friday and eased vis-a-vis the British pound to 5.3600/3628 from 5.2677/2694 at the close on Friday.

It was marginally lower against the Singapore dollar to 3.3233/3253 from 3.3144/3157 previously and versus the Japanese yen, it weakened to 3.1804/1823 from 3.1384/1396 on Friday’s close. – Bernama