Ringgit ends slightly higher

The ringgit ended slightly higher against the US dollar today, tracking global cues on hopes that major economies will launch stimulus measures to counter a global economic slowdown. ― Reuters pic
The ringgit ended slightly higher against the US dollar today, tracking global cues on hopes that major economies will launch stimulus measures to counter a global economic slowdown. ― Reuters pic

KUALA LUMPUR, Aug 19 — The ringgit ended slightly higher against the US dollar today, tracking global cues on hopes that major economies will launch stimulus measures to counter a global economic slowdown.

At 6pm, the ringgit finished at 4.1750/1790 against the greenback from 4.1760/1810 on Friday.

Chief market strategist at FXTM Hussein Sayed said investors are counting on central banks to save the global economy and equity markets from further turbulence.

“If central banks prove they’re ready to act by delivering interest rate cuts and new quantitative easing programmes, expect equity markets to resume their rally after their recent plunge.

“Otherwise, expect more money to pour into gold and other safe havens such as the Japanese yen and Swiss franc,” he added.

He said all eyes are on Thursday’s Jackson Hole annual meeting at Wyoming, where leaders from major central banks gather for more market clues amid the current volatile markets.

Against other major currencies, the ringgit was traded mixed.

The ringgit was better against the Japanese yen at 3.9183/9228 from 3.9230/9288 last Friday, and against the British pound at 5.0593/0645 from 5.0763/0828.

It weakened against the Singapore dollar to 3.0144/0184 from 3.0097/0140 last Friday and versus the euro to 4.6338/6399 from 4.6283/6346. — Bernama