KUALA LUMPUR: The ringgit ended higher today on a weaker greenback as investors await the US Federal Reserve’s interest rate decision and US gross domestic product (GDP) report.
As of 6 pm, the ringgit was quoted at 4.0790/0820 against the US dollar compared with 4.0840/0870 at yesterday’s close.
An analyst said that at its meeting this evening, the Federal Open Market Committee is expected to keep the federal funds target range unchanged at 1.50% to 1.75% without making any major changes despite concerns on the novel coronavirus situation.
On the oil front, she said prices rebounded after a sharp fall yesterday, supported by lower production in the United States.
“This ended the five-day price slide stemming from fears of declining oil demand due to growing concerns over the coronavirus spread,” she said.
The benchmark Brent crude was recorded at US$59.27 per barrel compared with US$58.05 per barrel yesterday.
Against other major currencies, the ringgit was traded higher.
It rose to 2.9979/9012 from 3.0052/0076 against the Singapore dollar, and appreciated vis-a-vis the Japanese yen to 3.7408/7446 from 3.7526/7557 on Tuesday.
The local currency also strengthened against the euro to 4.4869/4918 from 4.4985/5035 and increased against the British pound to 5.3076/3131 from 5.3210/3258 yesterday. – Jan 29, 2020, Bernama
