business
Ringgit ends sharply higher against greenback
At 5pm, the local unit was traded at 4.0950/0000 against the greenback from 4.1175/1225 last Friday. – The Malaysian Insider file pic, March 7, 2016.The ringgit closed sharply higher against the US dollar today on the back of the recovery in oil prices and improving US non-farm payrolls (NFP) in February.
At 5pm, the local unit was traded at 4.0950/0000 against the greenback from 4.1175/1225 last Friday.
Forex Time Ltd (FXTM) Chief Market Analyst Jameel Ahmad said a major reason for the ongoing vulnerability of the greenback is the pushed back US interest rate expectations.
"One of the reasons why the US dollar was exposed to another aggressive period of weakness was because the NFP report showed a contraction in hourly wages.
"This would most likely disappoint the Federal Reserve and continue to encourage downbeat views regarding inflation expectations," he said.
The US non-farm payrolls employment rose 242,000 last month, higher than market expectations of a 195,000 increase.
The ringgit was traded higher against other major currencies.
The local note rose against the Singapore dollar to 2.9597/9644 from 2.9789/9828 last Friday and appreciated against yen to 3.6044/6101 from 3.6191/6251.
It strengthened against the British pound to 5.7932/7011 from 5.8209/8305 and went up against the euro to 4.4824/4895 from 4.5033/5104. – Bernama, March 7, 2016.
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