Ringgit bounces to finish higher against the US dollar | Silver

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At 6 p.m., the local rating rose 170 basis points to close at 4.2190 / 2220 against the greenback from yesterday’s close at 4.2360 / 2410. – Reuters photo

KUALA LUMPUR, July 30 – The ringgit rebounded from yesterday’s losses to finish higher against the US dollar today, driven by renewed demand despite falling crude oil prices, an analyst said.

At 6 p.m., the local rating rose 170 basis points to close at 4.2190 / 2220 against the greenback from yesterday’s close at 4.2360 / 2410.

Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said the local note had seen some appreciation against the greenback as the dollar index fell on Friday as investors were somewhat concerned about the statement. of US Federal Reserve (Fed) Chairman Jerome Powell on the job market. .

“The US labor market may take some time to recover for the Fed to consider tightening monetary policies,” he told Bernama.

Meanwhile, at close, the local note traded higher against a basket of major currencies.

The ringgit appreciated against the Singapore dollar at 3.1189 / 1216 against 3.1285 / 1324 at yesterday’s close and strengthened against the British pound at 5.8935 / 8977 against 5.9092 / 9162 previously.

Local unity appreciated against the euro at 5.0181 / 0216 from 5.0294 / 0353, and climbed against Japanese Yen to 3.8502 / 8529 from 3.8562 / 8611 yesterday. – Bernama


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