KUALA LUMPUR, July 14 — The ringgit ended lower against the US dollar today, tracking the weak domestic equity market, said an analyst.
As at 6pm, the local unit fell to 4.2680/2720 against the greenback from yesterday’s close of 4.2630/2680.
AxiCorp chief global market strategist Stephen Innes said investors are waiting for the decision from the Organisation of the Petroleum Exporting Countries and allies (Opec+) meeting tomorrow over its supply-cut programme for further market direction.
“As a result, trading has been confined to narrow ranges,” he said to Bernama.
He noted that the ringgit had been receiving support from the local equity market, but the market was affected by the downtrend in regional markets.
“As such, the ringgit closed around 18 per cent weaker today versus the greenback,” he added.
Meanwhile, the ringgit was traded mostly higher against other benchmark currencies, except for the euro.
The local unit rose against the British pound to 5.3431/3485 from yesterday’s 5.3731/3815 and appreciated against the yen to 3.9758/9806 from 3.9800/9858 yesterday.
The ringgit increased against the Singapore dollar to 3.0628/0661 from 3.0660/0707 previously, but weakened against the euro to 4.8484/8534 from 4.8253/8318 yesterday. — Bernama
