KUALA LUMPUR: The ringgit ended on a firmer note today, bucking the regional market trend as the US market faces disequilibrium due to the growing friction between the United States and China.
At 6 pm today, the local note was quoted at 4.3400/3480 compared with yesterday’s close of 4.3505/3555.
An analyst said the dollar, together with the US equity markets, had shown a steep decline as recent development had cast dark clouds on the recent rally in risk assets.
“This could put a risk to emerging markets as well, as the phase one trade deal between the two economic powerhouses can be halted.
“Not only that, this also casts doubt on the second phase of the trade deal which is expected to take place after the US Presidential Election. Would it even take place if Donald Trump stays as president?” she said.
In the regional markets, the Japanese yen declined 0.07% against the greenback while the Singapore dollar shed 0.14%, Korean won slipped 0.09% and Thai baht dipped 0.06%.
Against a basket of benchmark currencies, the ringgit traded higher.
The local currency strengthened against the Singapore dollar to 3.0650/0713 from yesterday’s 3.0724/0761 and rose versus the Japanese yen to 4.0256/0341 from 4.0395/0452.
The ringgit edged higher also against the euro to 4.7562/7667 from 4.7634/7701 and appreciated against the British pound to 5.3061/3180 from 5.3359/3438 previously. – May 21, 2020, Bernama
