Ringgit continues uptrend as US dollar slips

As at 6pm, the local note was quoted at 4.1100/1150 compared with yesterday’s 4.1370/1400. — AFP pic
As at 6pm, the local note was quoted at 4.1100/1150 compared with yesterday’s 4.1370/1400. — AFP pic

KUALA LUMPUR, Sept 18 — The ringgit ended at a seven-month high today as the US dollar slipped on weaker US economic data involving retail sales and the job market.

As at 6pm, the local note was quoted at 4.1100/1150 compared with yesterday’s 4.1370/1400.

An analyst said this was following the announcement by US Federal Reserve chairman Jerome Powell that restoring the labour market would take time as the country’s main job generators — small businesses and labour-intensive service-sector firms — faced the stiffest challenges from the Covid-19-triggered recession.

“The US economy is now struggling to gain ground, and with the presidential election around the corner and the ongoing spat between Washington and Beijing, the dollar will continue to be under pressure, leading to a higher ringgit,” she said.

Besides the weakening of the dollar, higher oil prices had also pushed the local note to end higher, she said.

As at 6pm, the benchmark Brent crude price was recorded at US$43.55 (RM179.45).

Against other major currencies, the ringgit was traded higher.

It strengthened against the Singapore dollar to 3.0299/0347 from 3.0433/0459 yesterday and rose against the British pound to 5.3340/3421 from 5.3669/6729 previously.

The local currency also improved against the euro to 4.8712/8787 from 4.8812/8852 and gained versus the yen to 3.9398/9450 from 3.9483/9523 yesterday. — Bernama

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