RINGGIT ENDS HIGHER VS MAJOR CURRENCIES, MARGINALLY LOWER AGAINST US DOLLAR

By Siti Noor Afera Abu

KUALA LUMPUR, March 6 (Bernama) -- The ringgit ended the week higher against most major currencies but edged slightly lower versus the US dollar as the greenback regained its strength on rising safe-haven demand amid the escalating Middle East conflict.

At 6 pm, the ringgit stood at 3.9425/9535 versus the greenback from 3.9415/9480 at Thursday’s close.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that the ringgit was weaker against the greenback, with the USD/MYR reaching RM3.9533 during the afternoon session.

Currently, the dollar-ringgit is hovering at RM3.9503, depreciating from last Friday, when it closed at RM3.8925, translating into a 1.5 per cent decline.

“Next week, (the market) sentiment will continue to focus on the war in Iran, and whether it will escalate into a regional conflict,” he told Bernama.

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

It strengthened versus the British pound to 5.2530/2676 from 5.2635/2722 yesterday, rose against the euro to 4.5634/5762 from 4.5808/5884, and strengthened vis-à-vis the Japanese yen to 2.4973/5044 from 2.5080/5124 previously.

The local note also traded firmer against its ASEAN peers.

The ringgit appreciated vis-à-vis the Thai baht to 12.3392/3810 from 12.4711/5016 on Thursday, and gained versus the Singapore dollar to 3.0779/0867 from 3.0885/0938.

It climbed against the Indonesian rupiah to 232.9/233.6 from 233.1/233.6 and was higher versus the Philippine peso at 6.68/6.70 from 6.72/6.74.

-- BERNAMA