Ringgit ends higher against US dollar

Ringgit notes are seen in this photo taken in Kuala Lumpur August 4, 2019. — Picture by Ahmad Zamzahuri
Ringgit notes are seen in this photo taken in Kuala Lumpur August 4, 2019. — Picture by Ahmad Zamzahuri

KUALA LUMPUR, Jan 29 — The ringgit ended higher today on a weaker greenback as investors await the US Federal Reserve’s interest rate decision and US gross domestic product (GDP) report.

As of 6pm, the ringgit was quoted at 4.0790/0820 against the US dollar compared with 4.0840/0870 at yesterday’s close.

An analyst said that at its meeting this evening, the Federal Open Market Committee is expected to keep the federal funds target range unchanged at 1.50 per cent to 1.75 per cent without making any major changes despite concerns on the novel coronavirus situation. 

On the oil front, she said prices rebounded after a sharp fall yesterday, supported by lower production in the United States.

“This ended the five-day price slide stemming from fears of declining oil demand due to growing concerns over the coronavirus spread,” she said.

At the time of writing, benchmark Brent crude was recorded at US$59.27 (RM241) per barrel compared with US$58.05 per barrel yesterday. 

Against other major currencies, the ringgit was traded higher.

It rose to 2.9979/9012 from 3.0052/0076 against the Singapore dollar, and appreciated vis-a-vis the Japanese yen to 3.7408/7446 from 3.7526/7557 yesterday.

The local currency also strengthened against the euro to 4.4869/4918 from 4.4985/5035 and increased against the British pound to 5.3076/3131 from 5.3210/3258 yesterday. — Bernama

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