KUALA LUMPUR (April 29): The ringgit rebounded to open slightly higher against the US dollar on Friday (April 29) after two consecutive days of losses as the cheaper ringgit attracted investors, said an analyst.
-Advertisement-
At 9.16am, the local note stood at 4.3550/3595 versus the greenback from Thursday’s close at 4.3630/3650.
According to the analyst, investors seemed to have reacted positively to Bank Negara Malaysia’s (BNM) assurance that the country’s economy remains strong despite the ringgit’s downtrend.
In a news report on Thursday, BNM governor Tan Sri Nor Shamsiah Mohd Yunus dismissed concerns that the depreciation of the ringgit was a “telltale” sign that Malaysia will have trouble settling its external debts, as is the case with some countries, stressing that “Malaysia is nowhere near that position”.
However, another dealer said the ringgit’s gains are limited as investors remain concerned over the Bank of Japan’s decision on its monetary policy.
-Advertisement-
Meanwhile, the ringgit was traded higher against a basket of major currencies.
The local note strengthened versus the Japanese yen to 3.3369/3406 from Thursday’s close at 3.3412/3430, and rose against the euro to 4.5828/5875 from 4.5894/5915 previously.
It appreciated against the Singapore dollar to 3.1474/1508 from Thursday’s close at 3.1488/1507, and increased vis-a-vis the British pound to 5.4381/4437 from 5.4590/4615 previously.-BERNAMA