Ringgit closes easier versus US dollar

A teller counts RM50 notes in George Town November 27, 2019. ― Picture by Sayuti Zainudin
A teller counts RM50 notes in George Town November 27, 2019. ― Picture by Sayuti Zainudin

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KUALA LUMPUR, Sept 24 — The ringgit failed to sustain earlier gains to end the week lower as the US dollar trimmed its losses overnight.

At 6pm, the local note slipped to 4.1865/1890 against the greenback from 4.1800/1825 at yesterday’s close.

The US dollar was reported to be hovering at a one-week low after its biggest decline in almost a month earlier this week as worries over the fate of Chinese property giant Evergrande lingered.

On the local front, Malaysia’s latest Producer Price Index (PPI) inflation in August continued to be higher than the Consumer Price Index (CPI) inflation, signalling pressure on suppliers to pass some of the cost increases to end-consumers.

Hence, MIDF Research projected pressure on cost to continue because disruptions from the global pandemic were causing supply chain challenges.

Headline CPI’s inflation moderated to 2.0 per cent year-on-year last month.

A trader said some market players stayed on the sidelines ahead of the weekend.

At the close, the ringgit was traded mixed against a basket of major currencies.

The ringgit decreased versus the British pound to 5.7359/7393 from 5.7157/7192 at yesterday’s close, and slipped to 4.9120/9150 versus the euro from 4.8998/9027 yesterday.

However, the local note rose vis-a-vis the Singapore dollar to 3.0981/1004 from 3.1002/1025 and strengthened against the yen to 3.7925/7951 from 3.8017/8040 previously. — Bernama

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