Ringgit Ends Firmer Amid Weaker US Dollar

By Zairina Zainudin KUALA LUMPUR, April 7 (Bernama) -- The ringgit ended firmer against the US dollar Friday, reversing yesterday's losses on renewed buying interest for it. At 6 pm, the local unit stood at 4.4335/4365 against the greenback compared to 4.4350/4380 on Thursday. A dealer said the US dollar, which already came under pressure since Thursday due to the weak sentiment following the US-China summit, continued the downward momentum this morning hours after the US launched its cruise missile attacks on Syrian airbase. "The tension has caused investors to flock to emerging nations' currencies, other safe-haven currencies, oil and safe-haven assets like gold," he told Bernama. Global oil price soared to its one-month high to just over US$56 a barrel after the attack. Among the currencies that rose today included Indian rupee, which appreciated to its highest in 20-month versus the greenback, Indonesian rupiah, Singapore dollar and Japanese yen. Bucking the trend were the South Korean won, Taiwan dollar, Thailand baht and Chinese reminbi. Back home, the ringgit was traded mostly higher against a basket of other major currencies except the yen. The local currency rose against the Singapore dollar to 3.1616/1649 from 3.1620/1659 on Thursday, improved against the British pound to 5.5108/5155 from 5.5344/5386 yesterday and strengthened against the euro to 4.7159/7195 from 4.7304/7345 previously. The ringgit, however, fell against the yen to 4.0075/0106 from 4.0045/0076 as the safe-haven currency jumped after the US missile strikes on Syria. -- BERNAMA