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Forex

Ringgit rises against greenback

KUALA LUMPUR: The ringgit continued to trade higher against the US dollar at the close yesterday amid the increasing prospect of interest rate cuts in the United States, says an analyst.

At 6pm, the ringgit was traded higher at 4.6855/6895 versus the US dollar from Wednesday’s close of 4.6985/7010.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid told Bernama the expectations of a lower US interest rate had also bolstered the risk appetite among market participants, leading to regional currency appreciation against the greenback.

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