KUALA LUMPUR, Nov 19 –– The ringgit appreciated against the US dollar on Tuesday rebounding from yesterday’s loss, following weaker demand for the greenback, said an...
At 6pm, the local currency strengthened to 4.4705/4750 against the greenback, compared with Monday’s close of 4.4765/4820. — Picture By Choo Choy MayRM10 bonusKUALA LUMPUR, Nov 19 –– The ringgit appreciated against the US dollar on Tuesday rebounding from yesterday’s loss, following weaker demand for the greenback, said an analyst.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit continued to stage a rebound today, with the USD/MYR going as high as RM4.4738 in the morning session but recovered to around RM4.4645 during the afternoon. “Financial markets may have overpriced the eventual outcome, leading to a flight to safety. Having said that, market sentiments will continue to err on the cautious side,” he said.It rose against the British pound to 5.6449/6506 from 5.6525/6594 and strengthened against the euro to 4.7150/7198 from 4.7294/7352.The local unit also displayed mixed movements against regional currencies.
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