Ringgit rises as China hints at stronger intervention

Its central bank plans to carry out policy measures to stem yuan’s depreciation.

KUALA LUMPUR: The ringgit ended the week firmer against the US dollar today as China indicated it will step up interventions to revive its economy, said an analyst.

It said that Malaysia’s economic growth moderated during the quarter, partly due to weaker external demand amidst the global technology cycle, lower commodity production and high base effect from Q2 2022. The ringgit was traded mostly higher against a basket of major currencies, improving against the euro to 5.0503/5.0552 from 5.0602/5.0618 yesterday and appreciating vis-a-vis the British pound to 5.9131/5.9189 from 5.9211/5.9230 previously.Meanwhile, the local currency traded mostly lower against other Asean currencies.

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