Ringgit ends marginally higher versus greenback on improved sentiment

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, June 16 — The ringgit closed marginally higher against the US dollar today on improved sentiment as Malaysia surpassed the 200,000 doses of Covid-19 vaccine daily on June 15.

At 6pm, the local unit rose to 4.1155/1180 versus the greenback from 4.1160/1185 at Tuesday’s close.

According to Health Minister Datuk Seri Dr Adham Baba, a total of 215,876 doses of the Covid-19 vaccine was dispensed yesterday, surpassing the 200,000 daily target set by the government under the National Covid-19 Immunisation Programme.

He said a total of 1,468,689 individuals had completed both doses of the vaccine and 3,435,420 individuals had received the first dose, bringing the number of doses administered in Malaysia so far to 4,904,109 individuals.

“The government has increased the number of vaccinations per day, and coupled with the exit plan post-Covid-19 have boosted the ringgit higher today.

“This shows commitment of the government in handling the pandemic and how the country will slowly move out and embrace the new normal,” an analyst told Bernama.

Amid the positive news, however, markets were still anxious in anticipation of the outcome of the Special Meeting of Malay Rulers today and the US Federal Open Market Committee (FOMC) slated to be announced later today.

The Special Meeting of Malay Rulers expected to discuss matters related to the government’s efforts to fight Covid-19 and their implementation during the ongoing emergency.

Meanwhile, the US Federal Reserve would announce its decision on interest rates after the conclusion of its two-day meeting later today.

The ringgit was traded mostly lower against a basket of major currencies.

It depreciated against the British pound to 5.8090/8126 from 5.7933/7968 at Tuesday’s close and was almost flat against the euro at 4.9896/9927 against 4.9898/9929 yesterday.

The local unit eased against the Singapore dollar to 3.1032/1053 from 3.1024/1046, while vis-a-vis the yen, it eased to 3.7431/7453 from 3.7364/7390 previously. — Bernama

Source: Malay Mail