Ringgit strengthens against US dollar at the close

Ringgit strengthens against US dollar at the close

The ringgit ended higher against the US dollar today, following the greenback’s retreat after the anticipated US Federal Reserve interest rate hike announcement. ― Picture by Sayuti Zainudin

Thursday, 28 Jul 2022 6:58 PM MYT

KUALA LUMPUR, July 28 — The ringgit ended higher against the US dollar today, following the greenback’s retreat after the anticipated United States (US) Federal Reserve (Fed) interest rate hike announcement, said an analyst.

At 6pm, the local currency rose to 4.4515/4550 versus the greenback from yesterday’s close of 4.4570/4590.

OANDA Asia Pacific senior market analyst Jeffrey Halley said Fed chair Jerome Powell’s less hawkish remarks on the rate hike sparked a sentiment rally overnight, as equity markets priced in peak inflation and interest rates.

“With equities rallying hard, the haven US dollar resumed its downward correction, being sold heavily and its index continued falling in Asia.

“However, Asian currencies were mostly seen as sharply unchanged today, with the US dollar selloff versus the developed markets space passing Asia by,” he told Bernama.

At the close, the ringgit traded mostly lower against a basket of major currencies.

It fell against the Singapore dollar to 3.2192/2222 from Wednesday’s close of 3.2111/2130, depreciated versus the Japanese yen to 3.2865/2893 from 3.2614/2631, and declined versus the British pound to 5.4001/4044 from 5.3783/3807.

However, the local currency rose against the euro to 4.5196/5232 from 4.5207/5228 yesterday. — Bernama