KUALA LUMPUR, April 12 — The ringgit closed easier against the US dollar today on subdued buying momentum amid higher demand for the greenback, dealers said.
At 6pm, the local unit was quoted at 3.8750/8780 against the US dollar from yesterday’s close of 3.8730/8760.
OANDA Head of Trading Asia-Pacific Stephen Innes said the ringgit was weighed down by risk aversion among traders which affected sentiment in the local note.
“The lack of activity in domestic bond market suggests the ringgit will be hard pressed to make substantial gains ahead of the 14th General Election,” he told Bernama today.
He said oil prices remain incredibly supportive, but with the market in full risk-avoidance mode, there was little appetite for the local note.
Innes said the foreign exchange markets have been in stasis again, but players remained on high alert for the Middle East geopolitical escalation.
The local unit was traded mostly higher against a basket of major currencies.
The ringgit appreciated against the Singapore dollar at 2.9553/9580 from yesterday’s close of 2.9594/9628 but eased against the yen to 3.6235/6274 from 3.6206/6248.
It strengthened versus the euro to 4.7810/7862 compared with 4.7940/7981 yesterday and rose against the British pound to 5.4905/4951 from 5.4966/5012. — Bernama