KUALA LUMPUR: The ringgit closed easier against the US dollar on Monday, dragged by the falling crude oil prices and lack of fresh catalysts, said financial services firm AxiCorp’s chief global market strategist Stephen Innes.
At 6 pm, the local unit fell to 4.3100/3190 versus the greenback from 4.2930/2030 recorded at the close on Thursday last week.
The market was closed on Friday for Labour Day.
Innes said oil prices came under pressure on concern over a persistent global oil supply despite falling demand, as well as the resumption of the United States-China trade war.
So far, Brent crude has dipped 2.34% to US$25.82 per barrel.
Meanwhile, the ringgit closed mostly lower against a basket of major currencies.
The local currency eased against the Singapore dollar to 3.0427/0501 from 3.0350/0431 at last Thursday’s close, depreciated versus the Japanese yen to 4.0363/0467 from 4.0200/0298 and declined vis-a-vis the euro to 4.7138/7254 from 4.7137/7264.
However, it rose against the British pound to 5.3603/3733 from 5.3890/3037 previously. – May 4, 2020, Bernama
