KUALA LUMPUR, July 8 — The ringgit rebounded from four straight days of losses to end marginally higher against the US dollar on Friday on renewed buying interest.
At 6 pm, the local currency increased versus the greenback to 4.4250/4270 from Thursday’s close of 4.4270/4285.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said, however, the greenback remains stable as the US Dollar Index (DXY) continues to hover above 107 points.
“Later tonight, the Non-farm Payroll (NFP) will be published with consensus estimates expecting it to be slightly lower for June — declining to 268,000 in June from 390,000 in May — resulting in the greenback’s mild retreat.
“However, the US dollar should be well supported ahead of the US Federal Open Market Committee meeting between July 26 and 27 with a further 75 basis point hike seen to be the most likely outcome,” he told Bernama.
Meanwhile, the ringgit was traded mostly firmer against a basket of major currencies.
The local currency rose against the British pound to 5.2888/2912 from 5.3115/3133 on Thursday, was higher vis-a-vis the Singapore dollar at 3.1528/1547 from 3.1601/1616 previously, and it had increased versus the euro to 4.4777/4797 from 4.5186/5197.
However, the ringgit fell against the Japanese yen to 3.2577/2595 from 3.2537/2551 yesterday.
— Bernama
