malaysiangThe ringgit ended the week on a stronger note against major currencies, rising 1.11 per cent versus the US dollar today, buoyed by improved sentiment amid a promising outlook, an analyst said.
At 6 pm, the ringgit climbed to 4.4200/4280 against the greenback from yesterday’s close of 4.4710/4750.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid told Bernama that the ringgit continued to perform favourably against major currencies on the back of a favourable macroeconomic backdrop.
He noted that better-than-expected jobless claims in the United States (US) on Thursday helped the market recover from earlier jitters.
On the home front, Department of Statistics Malaysia (DoSM) announced that Malaysia’s Industrial Production Index (IPI) rose by five per cent year-on-year in June 2024 driven by consistent growth in the manufacturing sector.
‘Higher than expected IPI suggested that the Malaysian economy is benefitting from improved global demand, especially in technology-related secto
rs, along with sustained domestic demand,’ Mohd Afzanizam said.
At the close, the ringgit traded higher against a basket of major currencies.
It gained vis-a-vis the euro to 4.8253/8340 from 4.8859/8903 at Thursday’s close, improved against the Japanese yen to 3.0019/0075 from 3.0590/0619 yesterday and appreciate versus the British pound to 5.6373/6475 from 5.6661/6712 previously.
Similarly, the unit also traded higher against ASEAN currencies.
It improved versus the Singapore dollar to 3.3381/3444 from 3.3746/3779 yesterday and inched up against the Indonesian rupiah to 277.5/278.2 from 281.2/281.6.
The local note strengthened vis-a-vis the Thai baht to 12.5234/5514 from 12.6382/6545 at Thursday’s close and went up against the Philippine peso at 7.71/7.73 from 7.79/7.82 previously.
Source: BERNAMA News Agency
