KUALA LUMPUR: The ringgit closed slightly lower on mild profit-taking activities after recording a strong surge yesterday, owing to the 2020 Economic Stimulus Package announced by interim Prime Minister Tun Dr Mahathir Mohamad yesterday.
The local note finished at 4.2120/2180 against the greenback from 4.2100/2200 recorded at 6 pm yesterday.
AxiCorp chief market strategist Stephen Innes said the ringgit has remained stable on the back of the economic stimulus package.
“There is also less selling on Asian currencies now as the market expects that the China/Asia economies would recover sooner. So, there is some small rotation into Asian currencies but not that big into the ringgit due to the political issues that lie in wait,” he added.
On a similar trend, the ringgit declined against other major currencies.
It fell against the Singapore dollar to 3.0215/0269 from 3.0181/0264 on Thursday and decreased versus the Japanese yen to 3.8749/8815 from 3.8210/8308 yesterday.
The domestic unit eased against the British pound to 5.4343/4438 from 5.4317/4459 and depreciated vis-a-vis the euro to 4.6517/6588 from 4.6032/6154. – Feb 28, 2020, Bernama