Ringgit appreciates versus US dollar, tracking positive yuan sentiment

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KUALA LUMPUR: The ringgit appreciated against the US dollar at closing today, tracking the improved sentiment for the Chinese yuan following positive developments in Shanghai, amid concerns over recession in the United States (US).

At 6 pm, the local currency was traded at 4.3880/3915 versus the greenback from last Friday's close of 4.3980/3995.

"If China can orchestrate a healthy reopening, the worst could be behind the ringgit,” Innes told Bernama. Meanwhile, OANDA Asia Pacific senior market analyst Jeffrey Halley said the concerns over recession talks in the US could likely lead to a decent correction in the US dollar.

 

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