The ringgit was also stronger against other major currencies as global monetary policies are expected to shift their stance next year.
PETALING JAYA: The ringgit closed marginally higher against the US dollar yesterday amid positive sentiment in anticipation of global interest-rate cuts next year.
The greenback nevertheless remained firm as the US consumer confidence increased to a five-month high in December.
At 6pm, the ringgit rose to 4.6525/6565 against the US dollar from Wednesday’s close of 4.6555/6605.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US dollar versus the ringgit exchange was generally stable around 4.65 yesterday.
The ringgit was also stronger against other major currencies as global monetary policies are expected to shift their stance next year.
“After piercing the previous support level of 4.6611, the local currency appears to be struggling to go lower than 4.65 against the US dollar.
“This suggests that there are reservations that a shift in monetary stance could happen. In other words, the market is going to be data-dependent,” Mohd Afzanizam said.
The United States is slated to release its core Personal Consumption Expenditures inflation report today.
Meanwhile, the ringgit traded mostly higher against a basket of major currencies.
It appreciated against the British pound to 5.8766/8816 from 5.9027/9090 at Wednesday’s close and rose against the euro to 5.0922/0965 from 5.1043/1098 previously.
However, the local currency was lower against the Japanese yen at 3.2519/2549 from 3.2465/2502 on Wednesday.
The local note traded mixed against other Asean currencies. It fell against the Philippine peso to 8.37/8.38 from 8.35/8.36 and declined against the Thai baht to 13.3443/3631 from 13.3392/3596 previously.
However, the ringgit was up versus the Singapore dollar to 3.4973/5006 from 3.5027/5968 and strengthened against the Indonesian rupiah to 299.6/300 from 300.1/300.5 on Wednesday. — Bernama
