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At 6 pm, the local currency strengthened to 4.4480/4510 versus the greenback from Monday’s close of 4.4520/4550.

KUALA LUMPUR: The ringgit closed marginally higher against the US dollar yesterday on renewed buying interest amid slightly easing demand for the greenback ahead of the European Central Bank (ECB) meeting tomorrow, says an analyst.

At 6 pm, the local currency strengthened to 4.4480/4510 versus the greenback from Monday’s close of 4.4520/4550.

SPI Asset Management managing partner Stephen Innes said the expectation that the ECB would consider a 50 basis points (bps) rate hike to tame the record-high inflation had boosted the demand for the ringgit.

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“The ECB has pre-announced a 50-bps hike which strengthened the euro and weakened the US dollar,” he said. — Bernama

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