KUALA LUMPUR: The ringgit ended the week easier on concerns over a consumer-led rebound after China retail sales data missed expectations, said a dealer.
Financial services firm AxiCorp’s chief global market strategist Stephen Innes said investors were shying away from Asian currencies due to the risk of spiking US-China trade tensions amid attempts to recover from the global pandemic.
At 6 pm, the local unit fell to 4.3480/3540 against the greenback compared with Thursday’s close of 4.3360/3410.
He said the US dollar retreated from a two-week high as stocks rebounded on the back of higher oil prices, adding that Brent crude prices climbed 1.64% to US$31.64 per barrel.
“The loss in the ringgit was, however, cushioned by the better oil price and aided by the positive surprise regarding the country’s first-quarter gross domestic product,” he added.
Meanwhile, the ringgit also closed lower against a basket of major currencies.
The local currency slipped against the Singapore dollar to 3.0542/0591 from 3.0503/0547 yesterday and depreciated versus the Japanese yen to 4.0605/0673 from 4.0569/0627.
The ringgit also fell vis-a-vis the euro to 4.7011/7084 from 4.6859/6931 and eased against the British pound to 5.3067/3154 from 5.3003/3069 previously. – May 15, 2020, Bernama
