KUALA LUMPUR, Oct 12 — The ringgit closed lower against the US dollar today, in line with the decline in crude oil prices, said a dealer.
At 6 pm, the local note was traded at 4.1420/1500 versus the greenback, compared with 4.1320/1400 at last Friday’s closing.
At the time of writing, Brent crude oil decreased 1.31 per cent to US$42.29 per barrel.
Meanwhile, OANDA senior market analyst, Edward Moya said the People’s Bank of China has taken steps over the weekend to slow the Chinese yuan’s recent appreciation by removing financial firms’ requirements to hold a 20 per cent reserve when buying foreign currency for forward settlement.
The Malaysian ringgit has positive correlations with the yuan.
“Financial markets continue to rotate into risk-seeking positioning as hopes persist that a United States fiscal stimulus package will appear,” he told Bernama today.
Meanwhile, the ringgit was traded lower against other major currencies.
It eased against the Singapore dollar to 3.0519/0580 from 3.0474/0542 last Friday, and decreased against the British pound at 5.3950/4070 from 5.3456/3576 previously.
The local currency trimmed against the euro to 4.8884/8982 from 4.8741/8840 on Friday, and depreciated versus the yen to 3.9257/9336 from 3.9014/9101 previously. — Bernama
