Ringgit ends 0.12% easier against greenback

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Kuala Lumpur
– The ringgit closed 0.12% lower against the rejuvenated US dollar which attracted demand towards the close, dealers said.

At 6pm, the local unit was quoted at 4.3260/3290 against the greenback from yesterday’s closing of 4.3210/3250.

The ringgit hit an intra-day low of 4.3280 but losses were capped after the market started to anticipate a better first-quarter Gross Domestic Product (GDP) growth data due for release tomorrow.

A dealer said apart from undergoing technical correction and mild profit-taking after its recent gains, the ringgit today also faced renewed pressure due to sliding global oil price as the market reportedly remained well supplied with crude despite efforts by the Organisation of the Petroleum Exporting Countries and other big exporters to curb production and support prices.

The benchmark Brent crude today was down by 17 cents at US$52.04 a barrel in late Asia trading while the West Texas Intermediate crude was 16 cents lower at US$48.91.

The ringgit was also traded broadly lower against a basket of other major currencies.

It fell against the Singapore dollar to 3.1062/1088 from 3.0977/1026 on Wednesday and weakened versus the Japanese Yen to 3.9203/9244 from yesterday’s 3.8450/8489.

The local unit depreciated against the British pound to 5.6398/6446 from 5.5927/5996 and contracted vis-a-vis the Euro to 4.8096/8147 from 4.7941/7990 yesterday. — Bernama