Ringgit closes higher against US dollar

At 6pm, the ringgit was traded at 4.1470/1520 versus the greenback compared with 4.1520/1550 at yesterday’s closing. — Reuters pic
At 6pm, the ringgit was traded at 4.1470/1520 versus the greenback compared with 4.1520/1550 at yesterday’s closing. — Reuters pic

KUALA LUMPUR, Oct 16 ― The ringgit closed higher against the US dollar today in view of the surging US weekly initial jobless claims announced overnight as a second wave of Covid-19 exploded across Europe and the United States, said a dealer.

At 6pm, the local note was traded at 4.1470/1520 versus the greenback compared with 4.1520/1550 at yesterday’s closing.

OANDA Asia Pacific senior market analyst Jeffrey Halley said national restrictions were coming into force across Europe.

“Financial markets are nervous over Covid-19's potential effect on the economic recovery in Europe and the US, the US election which is two weeks away, Brexit trade talks, and no sign of a US fiscal stimulus.

“Asian currencies continue to hold their own for the most part, coat-tailing a strong yuan and positive China data,” he told Bernama today.

Meanwhile, the ringgit was traded higher against other major currencies.

It rose against the Singapore dollar to 3.0517/0556 from 3.0520/0547 on Thursday and increased against the British pound to 5.3654/3735 from 5.3851/3907 yesterday.

The local currency improved against the euro to 4.8553/8628 from 4.8620/8672 yesterday and appreciated versus the yen to 3.9409/9460 from 3.9423/9462 previously. ― Bernama

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