Ringgit Closes Lower

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The ringgit closed lower against the US dollar on Tuesday despite a slight increase in Brent crude oil price which traded at US$20.26 per barrel today, up by 1.35 per cent.

At 6 pm, the local unit fell to 4.3610/3680 versus the greenback from 4.3530/3630 recorded at Monday’s close.

An analyst said although the crude oil price had improved a bit, its outlook remained bearish as COVID-19 fuelled storage fears.

“But with the opening of the China economy, which is getting showered with a stream of monetary and fiscal policies, we suspect the local currency would receive a boost.

At the closing, the local unit was traded lower against other major currencies.

It eased against the Singapore dollar to 3.0787/0847 from 3.0672/0754 at Monday’s close and weakened against yen to 4.0872/0945 from 4.0610/0715.

Vis-a-vis the pound, the ringgit slid to 5.4425/4521 from 5.4121/4254 while against the euro, it fell to 4.7404/7493 from 4.7221/7347 previously.

Source TheStar

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