KUALA LUMPUR: The ringgit ended slightly higher against the US dollar today on mild buying interest for the unit.
At 6 pm, the local unit rose to 4.3220/3330 against the greenback compared with yesterday’s close of 4.3270/3370.
Financial services firm AxiCorp chief global market strategist Stephen Innes said with risk trading faring poorly in the US markets and oil prices falling, the ringgit is struggling for traction.
“However, the weakness should remain capped as local sentiment will stay tethered to the People’s Bank of China’s (PBOC) policy, which could ramp up considerably this month.
“Still the fear of secondary Covid-19 outbreaks and Australia-China tensions will continue to sully the near term regional landscape,” he added.
Meanwhile, the ringgit closed mixed against a basket of major currencies.
The local currency rose against the Singapore dollar to 3.0501/0583 from yesterday’s close of 3.0530/0597 but slipped versus the Japanese yen to 4.0355/0469 from 4.0247/0326.
The ringgit depreciated vis-a-vis the euro to 4.6855/6991 from 4.6814/6909, but improved against the British pound to 5.3148/3300 from 5.3356/3464 previously. – May 13, 2020, Bernama
