By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, Oct 7 (Bernama) -- The ringgit closed higher against most major currencies but lower against the US dollar on Wednesday, as the greenback strengthened broadly amid renewed concerns over Europe’s fiscal outlook, an analyst said.
At 6 pm, the ringgit eased to 4.0850/0895 against the greenback from Tuesday’s close of 4.0835/0880.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) rose 0.42 per cent to 102.26 points, as major currencies such as the euro, which carries the largest weighting in the DXY, depreciated 0.69 per cent against the US dollar to 1.1181.
“Still, concerns over Europe’s fiscal trajectory have led to a stronger US dollar.
“Thus far, the ringgit has maintained a tight range against the US dollar, with the ringgit-dollar pair hovering between RM4.0840 and RM4.0885 today,” he told Bernama.
At the close, the ringgit traded mostly higher against a basket of major currencies.
The local note gained against the Japanese yen to 2.5797/5827 from 2.5807/5837 at Tuesday’s close, appreciated against the British pound to 5.4049/4108 from 5.4066/4125, and strengthened against the euro to 4.5740/5790 from 4.5907/5957 previously.
Meanwhile, the ringgit was mixed against its ASEAN peers.
It edged up against the Singapore dollar to 3.1919/1957 from 3.1935/1975 at Tuesday’s close and strengthened against the Thai baht to 12.1217/1386 from 12.1424/1609 previously.
However, it depreciated against the Philippine peso to 6.51/6.52 from 6.50/6.51 at Tuesday’s close, and was marginally lower against the Indonesian rupiah at 228.3/228.7 versus 228.1/228.4 previously.
-- BERNAMA