Ringgit rebounds to close higher against US dollar

KUALA LUMPUR: The ringgit rebounded after three consecutive trading days of losses to close marginally higher against the US dollar at the close today amid mixed signals on the global economic front, a dealer said.

At 6 pm, the local currency appreciated against the greenback to 4.4120/4150 from Tuesday’s close of 4.4190/4220.

A dealer said that China’s economy has stabilised somewhat in May after a sharp decrease in April as industrial production rose unexpectedly.

However, he said consumption was still weak and underlined the challenge for policymakers amid the persistent drag from its strict COVID0-19 rule

Meanwhile, another dealer said that despite the slight rebound in oil prices, investors were concerned over the fuel demand and the broader economy ahead of an expected big hike in interest rates by the US Federal Reserve.

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

The local note rose against the British pound to 5.3323/3360 from Tuesday’s close of 5.3496/3533 and strengthened versus the Singapore dollar to 3.1732/1758 from 3.1771/1797 yesterday.

It also appreciated against the Japanese yen to 3.2815/2840 from 3.2921/2948 on Tuesday but went down vis-a-vis the euro to 4.6277/6309 from 4.6108/6139. – Bernama



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