Ringgit ends firmer against US dollar

KUALA LUMPUR (Feb 20): The ringgit continued its uptrend from earlier on Monday (Feb 20) to end higher against the US dollar, supported by the positive performance of commodity prices, analysts said.

At 6pm, the local note appreciated to 4.4280/4325 versus the greenback from Friday’s closing rate of 4.4310/4345.

SPI Asset Management managing director Stephen Innes said the market would, however, remain a bit apprehensive ahead of this week’s release of US Federal Open Market Committee meeting minutes and Friday’s US personal consumption expenditures reading, fearing that the data could further stoke inflationary fires and push US yields higher, which would be harmful to the ringgit.

“I cannot conclusively say we are back on the ringgit rally wagon just yet, but any improvement in China data or weaker US economic data could tilt the scales in favour of the local note,” he told Bernama.