KUALA LUMPUR, March 29 — The ringgit was a relative outperformer against the US dollar at the close today as most Asian currencies retreated versus the greenback, said OANDA Asia Pacific senior market analyst Jeffrey Halley.
As at 6pm, the ringgit was traded higher against the US dollar at 4.1390/1440 compared with 4.1445/1485 at Friday’s close.
Halley said the ringgit's performance was even more impressive given the 2.0 per cent dip in oil prices in Asia following news that giant container ship The Ever Given had been moved in the Suez Canal.
"The ringgit could well be benefiting from international portfolio inflows as part of quarter-end rebalancing exercises as local markets become increasingly attractive as both a yield and recovery play," he told Bernama.
As at the time of writing, benchmark Brent crude oil fell 0.02 per cent to US$64.56 per barrel.
Meanwhile, Axi chief global market strategist Stephen Innes said that although the Egyptian authorities had reported The Ever Given, a 400-metre long vessel that had blocked the Suez Canal for a week, had been partially refloated, it did not mean the canal was open for business.
"Instead, it means the canal may sooner be available for business, and global trade can start flowing again," Innes said in his note.
The Ever Given became wedged in the canal on March 23 amid high winds. The incident has blocked traffic in the waterway, leaving hundreds of cargo ships waiting in line.
The ringgit, meanwhile, was also traded higher against other major currencies except the British pound.
It improved against the Singapore dollar to 3.0744/0792 from 3.0778/0814 at Friday’s close and rose against the yen to 3.7768/7817 from 3.7853/7900.
The local currency gained vis-a-vis the euro to 4.8733/8800 from 4.8872/8927 on Friday, but eased against the British pound to 5.7247/7320 from 5.7153/7224 previously.
— Bernama
