KUALA LUMPUR (April 26): The ringgit further strengthened its position against the US dollar in early session from last Friday’s close, riding on a weakening greenback as US Treasury yields eased below 1.6%, said an analyst.
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At 9am, the local currency had risen to 4.1020/1070 against the greenback from last Friday’s close at 4.1080/1130.
The analyst said due to strong economic ties between Malaysia and China, the ringgit was also supported by China’s positive economic data, with strong exports and rising business confidence.
China’s economy continued to boom in April from a record growth in the first quarter.
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Meanwhile, the ringgit was traded mixed against other major currencies.
The local note was almost flat against the Singapore dollar at 3.0935/0975 from last Friday’s 3.0936/0978, but improved versus the yen to 3.8034/8088 from 3.8069/8119.
The ringgit appreciated against the British pound to 5.6969/7042 from 5.7007/7093, but declined vis-a-vis the euro to 4.9655/9732 from 4.9522/9595.-BERNAMA