Ringgit stages sharp rebound against US dollar

TheStar Fri, May 26, 2023 07:20pm - 10 months View Original


KUALA LUMPUR: The ringgit rebounded sharply versus the greenback as US debt ceiling negotiations made headway, with the local currency also strengthening against other major and regional currencies.

At 6 pm, the local currency was trading at 4.5970/6035 per US dollar, up from the previous day's close of 4.6245/6285.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the ringgit regained some ground today, hovering at the RM4.6082 level.

"There appears to be positive news flow on the US debt limit discussion, with some spending cuts in certain areas. If US lawmakers could agree on the debt ceiling sooner, a risk-on approach would prevail,” he told Bernama, adding that from now to June 1, all eyes will be on the US debt ceiling talks. Traders have rushed to safe-haven assets amid the talks.

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