KUALA LUMPUR, March 29 — The ringgit rebounded from yesterday’s losses to end slightly higher against the US dollar today as some investors returned to emerging currencies, including the ringgit, amid a bearish economic outlook, a dealer said.
At 6pm, the local currency strengthened to 4.2120/2155 versus the greenback from 4.2155/2175 at Monday’s close.
However, gains were limited as investors remained on the sidelines awaiting the slew of economic data to be released by the United States and China, as well as the Organisation of the Petroleum Exporting Countries (Opec) meeting later this week, he said.
Another dealer said that the US crude oil futures dipped on Tuesday, extending losses from the previous day as Ukraine and Russia headed for peace talks and on fear of a drop in fuel demand in China after the financial hub of Shanghai shut down to curb a surge in Covid-19 cases.
Meanwhile, the ringgit was traded mixed against a basket of major currencies.
The local unit rose against the British pound to 5.5114/5160 from 5.5362/5388 on Monday but slipped versus the euro to 4.6492/6531 from 4.6316/6338 previously.
The ringgit improved against the Singapore dollar to 3.0966/0994 from 3.0996/1016 yesterday; however, it depreciated vis-a-vis the yen to 3.4042/4073 from 3.3982/4001.
— Bernama
