KUALA LUMPUR, March 30 — The ringgit extended yesterday’s gains to end higher against the US dollar today as more investors returned to emerging currencies, including the ringgit, due to positive development on the Russia-Ukraine conflict, a dealer said.
At 6pm, the local currency strengthened to 4.2030/2055 versus the greenback from 4.2120/2155 at Tuesday’s close.
A dealer said that the ringgit is poised for appreciation given the possibility of Russia’s de-escalation of its military operations.
According to news reports, he said, both Russia and Ukraine were cautiously optimistic after negotiators concluded a round of peace talks, with Russia saying that it will reduce some military activity "to increase mutual trust".
However, investors were expected to remain cautious over the developments in China, as Shanghai expanded its lockdown areas to some western parts of the city earlier than scheduled as it reported a total of 5,982 new local cases.
Meanwhile, the ringgit was traded lower against a basket of major currencies.
The local unit declined against the British pound to 5.5248/5281 from 5.5114/5160 on Tuesday and weakened versus the euro to 4.6784/6811 from 4.6492/6531 previously.
The ringgit slipped against the Singapore dollar to 3.1034/1058 from 3.0966/0994 yesterday and depreciated vis-a-vis the yen to 3.4490/4515 from 3.4042/4073.
— Bernama
