KUALA LUMPUR: The ringgit closed higher against most major currencies but lower against the US dollar on Wednesday, as the greenback strengthened broadly amid renewed concerns over Europe’s fiscal outlook, an analyst said.
At 6pm, the ringgit eased to 4.0850/4.0895 against the greenback from yesterday’s close of 4.0835/4.0880.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said the US Dollar Index (DXY) rose 0.42% to 102.26 points, as major currencies such as the euro, which carries the largest weighting in the DXY, depreciated 0.69% against the US dollar to 1.1181.
“Still, concerns over Europe’s fiscal trajectory have led to a stronger US dollar.
“Thus far, the ringgit has maintained a tight range against the US dollar, with the ringgit-dollar pair hovering between RM4.0840 and RM4.0885 today,” he told Bernama.
