KUALA LUMPUR, Oct 20 — The ringgit ended lower today as uncertain outlook for oil prices and US stimulus measures lingered.

At 6pm, the local currency stood at 4.1480/1450 versus the greenback compared with 4.1415/1465 at yesterday’s close.

Axi chief global market strategist Stephen Innes said traders were cautious after the Opec+ Joint Ministerial Monitoring Committee’s online meeting concluded without a firm decision on supply cuts.

“The oil prices could be one of those clouds that hang over the ringgit until Opec signals a definite extension to the current supply curbs.

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“I’m not really sure why they haven’t signalled that yet. Still, with Covid-19 in the air, oil prices will remain subdued,” he told Bernama, adding that the pre-election US stimulus package also remained in doubt.

The Brent and the West Texas Intermediate crude stood lower at US$42.41 (RM176) and US$40.69 per barrel, respectively.

“I think the next bullish impulse will be the Chinese Communist Party plenum, where I suspect President Xi Jinping will introduce steps to encourage more private consumption,” Innes said.

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

It weakened against the Singapore dollar to 3.0561/0624 from yesterday’s close of 3.0517/0556 and increased against the British pound to 5.3754/3861 from 5.3819/3900.

The local currency rose versus the yen to 3.9291/9369 from 3.9308/9367 but slipped against the euro to 4.8963/9062 from 4.8679/8755. — Bernama