Ringgit Slips Against US$ On Favourable US Data

0 5

The ringgit was slightly lower against the US dollar in the early session today as demand shifted towards the US dollars following favourable economic data from the United States.

At 9.17 am, the local unit was quoted at 4.3060/3160 against the greenback from 4.3030/3100 at the close yesterday.

A dealer said market sentiment was clouded with uncertainty and investors still view the US dollar as a safe haven.

“So naturally, when the United States released a better-than-expected reading for the country’s services sector in April, investors flocked to that side,” he said, adding that the prospects of the United States reopening its economy further supported the greenback.

Meanwhile, the ringgit was traded higher against other major currencies, except against the yen, where it declined to 4.0508/0614 from 4.0268/0337 at the close yesterday.

It appreciates against the Singapore dollar to 3.0373/0454 from 3.0384/0440, gained against the pound to 5.3524/3657 from 5.3542/3642 and rose against the euro to 4.6647/6772 from 4.6679/6772.

Source TheStar

Leave A Reply

Your email address will not be published.