KUALA LUMPUR, Sept 21 — The ringgit fell under profit-taking today as the dollar improved on safe-haven demand, economists said.
As at 6pm, the local note was quoted at 4.1200/1250 compared with last Friday’s 4.1100/1150.
Speaking to Bernama, AxiCorp chief global market strategist Stephen Innes said external factors could weigh on the local currency with oil prices tumbling again as second wave COVID-19 fears engulf the European Union as well as the United Kingdom and could potentially weigh on oil demand.
As at 6.15 pm today, Brent crude oil price declined 2.04 per cent to US$42.27 per barrel.
Meanwhile, Bank Muamalat Malaysia Bhd economist Izuan Ahmad said carrying on from last Friday, the ringgit’s performance today stayed stable against the greenback.
“The ongoing recovery of Malaysia’s external trade activities with China also supported the local note, besides the Bank Negara Malaysia’s decision to maintain the Overnight Policy Rate (OPR) at 1.75 per cent after four cuts this year gave a strong implication for Malaysia’s road to economic and financial recovery,” he said.
Against other major currencies, the ringgit was traded mixed.
It depreciated against the Singapore dollar to 3.0305/0353 from 3.0299/0347 last Friday but rose against the British pound to 5.2942/3010 from 5.3340/3421.
The local currency improved against the euro to 4.8546/8617 from 4.8712/8787 but weakened versus the yen to 3.9551/9610 from 3.9398/9450 previously. — Bernama
