KUALA LUMPUR, Dec 18 — The ringgit ended slightly lower against the US dollar today, after the greenback took a breather today, with the market turning more optimistic about the US Covid-19 stimulus deal taking shape.
At 6pm, the ringgit closed at 4.0375/0415 versus the greenback compared with 4.0320/0370 at yesterday’s close.
Axi chief global market strategist Stephen Innes said despite easier ringgit performance today, the combination of low for longer rates and the anticipated US stimulus deal offered up support for risk appetite, which has proven enough to push the US dollar weaker.
“Still, ultimately, it is far too early to be worried about when the US central bank policy pivots and interrupts the US dollar downswing. And I think the moral of this story is this move continues into 2021. Stay short dollars, especially against all the positive growth currencies,” he added.
Meanwhile, the ringgit was traded mixed against all other major currencies.
It rose against the Singapore dollar to 3.0389/0428 from 3.0410/0460 yesterday and appreciated against the Japanese yen to 3.8983/8029 from 3.9111/9171.
The ringgit fell against the euro to 4.9451/9512 from 4.9315/9389 yesterday and ended almost flat against the British pound at 5.4474/4540 from 5.4771/4851 on yesterday’s close. — Bernama
