Ringgit gains on Asean currencies but slips against US dollar

The Malaysian ringgit ended Monday’s trading session with mixed results against major currencies. It strengthened against most Asean currencies but weakened slightly against the US dollar. The local currency was quoted at 4.0845/4.0890 per US dollar, compared to 4.0820/4.0870 at Friday’s close.

Bank Muamalat Malaysia Bhd Chief Economist Afzanizam Rashid attributed the ringgit’s performance to renewed concerns over France’s public finances and political instability in Europe. The US Dollar Index (DXY) gained traction as risk-off sentiment spread, pushing the euro to a 17-month low following news of a snap election in Spain. This sentiment kept the ringgit in a tight range against the greenback.

The ringgit showed gains against the euro, rising to 4.5775/4.5825 from 4.5927/4.5983, and against the Japanese yen, climbing to 2.5858/2.5886 from 2.5906/2.5941. However, it depreciated against the British pound, falling to 5.4022/5.4081 from 5.3927/5.3993.

Against Asean currencies, the ringgit mostly strengthened. It inched up against the Singapore dollar to 3.1905/3.1943 and rose against the Thai baht to 12.1234/12.1411. The local currency also saw a slight increase against the Indonesian rupiah but remained unchanged against the Philippine peso.