KUALA LUMPUR, March 21 — The ringgit extended its gain to close higher against the US dollar today, as the greenback remained under pressure following a more dovish-than-expected monetary policy from the Federal Reserve.
At 6pm, the local unit stood at 4.4230/4280 against the greenback compared with 4.4250/4280 on Monday.
A dealer said the ringgit retreated from earlier gains in the morning before ending higher as investors were cautious and looking for further clues for market direction after last week’s gains.
“The uncertainties surrounding the market, like the French presidential election, next month’s European Central Bank policy meeting and ‘British exit’ uncertainty, also affected market sentiment,” he said.
The ringgit, meanwhile, was traded lower against other major currencies.
It was fell against the Singapore dollar to 3.1643/1696 from 3.1639/1672 on Monday and slipped against the yen to 3.9277/9332 from 3.9215/9259 yesterday.
The ringgit eased against the euro to 4.7729/7796 from 4.7591/7628 on Monday and fell against the British pound to 5.5097/5177 from 5.4919/4965 yesterday. — Bernama