Ringgit snaps two-day losing streak to end higher versus US dollar

KUALA LUMPUR, Feb 23 — The ringgit snapped a two-day losing streak to end higher against the US dollar on Thursday, on better local market sentiment amid higher global crude oil prices, analysts said.

At 6pm, the local note appreciated to 4.4315/4365 versus the greenback from Wednesday’s close of 4.4420/4460.

At the time of writing, the benchmark Brent crude oil rose 0.25 per cent to US$80.80 per barrel.

SPI Asset Management managing director Stephen Innes said the local market sentiment was better today as the US rate volatility has finally stopped rising.

“In Asia, the China data void ends next week as China’s Purchasing Managers’ Index (PMI) data will be released on Feb 28, which is expected to come in strongly given the solid mobility trends in China…and I think this supports local currency markets as the recent rise in US yield is starting to ebb,” he told Bernama.

Commenting on the re-tabling of Budget 2023 tomorrow, Innes said the budget could provide a fillip to local sentiment if it is pro-business, as some economists have argued.

Meanwhile, the ringgit was also traded higher against a basket of major currencies.

The local unit strengthened against the Japanese yen to 3.2855/2895 from 3.2935/2968 at Wednesday’s close and climbed vis-a-vis the Singapore dollar to 3.2990/3032 from 3.3157/3189 yesterday.

It also rose versus the euro to 4.6943/6996 from 4.7258/7301 and increased against the British pound to 5.3311/3371 from 5.3655/3703 previously. — Bernama


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