RINGGIT RISES AGAINST US DOLLAR FOR THIRD CONSECUTIVE DAY

By Nurunnasihah Ahmad Rashid

KUALA LUMPUR, Nov 21 (Bernama) -- The ringgit rose against the US dollar for the third consecutive day despite heightened concern over geopolitical development in Ukraine, said an analyst.

At 6 pm, the local currency rose to 4.4610/4650 against the greenback, compared with Wednesday’s close of 4.4685/4740.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US dollar Index (DXY) was down by 0.05 per cent to 106.629, suggesting the euphoria on Donald Trump trades may have dissipated somewhat.

“Having said that, market participants remain guarded, especially on the recent escalation of the Ukraine war.

“It seems that the period leading up to (Trump’s) inauguration on Jan 20 is such a long time, and it is quite important to note that among key election promises from President-elect Trump is to swiftly end the war in Ukraine,” he told Bernama.

In the meantime, Mohd Afzanizam said the demand for the greenback would remain high as traders seek refuge from geopolitical risks.

The ringgit traded mostly higher today against a basket of major currencies. 

It rose against the British pound to 5.6342/6393 from 5.6620/6690 at the close on Wednesday and gained against the euro to 4.6907/6949 from 4.7178/7236 yesterday. 

However, it declined against the Japanese yen to 2.8892/8920 from 2.8696/8733 previously. 

The local unit also traded mostly higher against ASEAN currencies. 

It was higher against the Indonesian rupiah at 279.9/280.4 from 281.5/282.0 yesterday, rose against the Singapore dollar to 3.3189/3222 from 3.3290/3333 and gained against the Philippine peso at 7.56/7.57 from 7.58/7.59 previously.

However, it fell against the Thai baht to 12.8748/8923 from 12.8679/8889 at Wednesday’s close.

-- BERNAMA