KUALA LUMPUR: The ringgit closed easier against the US dollar today on lack of fresh catalysts, said an analyst.
At 6 pm, the ringgit was pegged at 4.3600/3700 against the greenback from 4.3520/3620 at Friday’s close.
AxiCorp global chief market strategist Stephen Innes said concerns surrounding the country’s economic recovery once the movement restriction order (MCO) is lifted and with a new government in place as well as weaker oil prices, weighed on the investors’ sentiment.
“Uncertainty around the OPEC (Organisation of Petroleum Exporting Countries) meeting was negative for the ringgit if a deal does not go through and it will stress Malaysia’s fiscal position. Eyes and ears are trained on the OPEC+ virtual meeting,” he added.
According to reports, the virtual emergency meeting between OPEC and non-OPEC producers scheduled today could be postponed to April 8 or April 9 over a dispute between major oil producers, Saudi Arabia and Russia, over which side is to blame for the plunging oil prices.
Brent crude dipped 3.69% to US$32.85 per barrel.
Meanwhile, the ringgit closed mostly lower against a basket of major currencies.
The local unit rose versus the Japanese yen to 3.9919/0015 from Friday’s close of 4.0118/0221 and depreciated against the Singapore dollar to 3.0417/0498 from 3.0319/0399 previously.
It declined vis-a-vis the euro to 4.7132/7248 from 4.7049/7175 and eased against the British pound to 5.3619/3751 from 5.3495/4631. – April 6, 2020, Bernama
