Muristek
Ringgit ends higher against US dollar on double-digit growth in trade data
Malaysian ringgit notes are seen among US dollar bills in this photo illustration taken in Singapore in this August 24, 2015 file photo. — Reuters pic
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KUALA LUMPUR, March 18 — The ringgit finished the week stronger against the US dollar today, supported by Malaysia’s encouraging trade data and the rising oil price, an analyst said.
At 6pm, the local currency stood at 4.1930/1975 versus the greenback from 4.1945/1980 at Thursday’s close.
Senior Minister and Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali announced today that Malaysia’s trade continued its upward trajectory in February 2022, chalking up double-digit growth for trade, exports, imports, and trade surplus.
Trade rose 17.5 per cent to RM184.75 billion compared to February 2021, exports increased 16.8 per cent to RM102.27 billion, while imports expanded 18.4 per cent to RM82.48 billion and trade surplus grew 10.7 per cent to RM19.79 billion.
Jeffrey Halley, OANDA senior market analyst for Asia Pacific, said the rally in oil price also helped to lift the ringgit with the US dollar continuing to retreat in a volatile session.
“Asian currencies rallied overnight versus the greenback as sentiment remained steady, and with all the bad monetary news out of the way,” he told Bernama. “Nevertheless, the ringgit remains at the mercy of swings due to international investor sentiment surrounding the Ukraine situation.”
At press time, the benchmark Brent crude oil price rose 2.26 per cent to US$109.10 per barrel.
At the close, the ringgit was traded mostly higher against a basket of major currencies, except versus the euro, where it eased to 4.6370/6420 from 4.6311/6350 on Thursday’s close.
The local unit strengthened against the Singapore dollar to 3.0924/0960 from 3.0931/0959 yesterday, advanced against the British pound to 5.5100/5159 from 5.5212/5258, and was higher against the Japanese yen at 3.5259/5300 from 3.5364/5396 previously. — Bernama