Ringgit Rebounds To Close Higher Against US Dollar

KUALA LUMPUR, Nov 15 (Bernama) -- The ringgit rebounded to end higher against the US dollar Thursday, after depreciating for four consecutive trading days, in line with most Asian currencies, as investors shifted back to emerging markets due to renewed concerns over the greenback outlook, dealers said. At 6 pm, the ringgit stood at 4.1900/1950 versus the US dollar compared with Wednesday’s close of 4.1945/1975. A dealer said that the greenback took a step back from positive performance recently after the US inflation data released on Wednesday indicated price growth was moderating, while some cautious comments about the economic outlook expounded by US Federal Reserve Chairman Jerome Powell subdued the dollar. The local unit was mostly lower against other major currencies. The ringgit declined against the Singapore dollar to 3.0406/0499 from 3.0349/0377 on Wednesday, and depreciated vis-a-vis the Japanese yen to 3.6946/6996 from 3.6826/6859. It increased against the British pound to 5.3569/3650 from Wednesday’s 5.4386/4433, and eased against the euro to 4.7284/7345 from 4.7264/7314 previously. -- BERNAMA