Ringgit Closes Higher As US Banking Worries Weigh On Greenback

By Anas Abu Hassan

KUALA LUMPUR, Oct 17 (Bernama) -- The ringgit ended the week marginally higher against the American dollar on Friday as worries over US banks weighed on the greenback amid US-China trade tensions.

At 6 pm, the local note climbed to 4.2240/2275 against the US dollar from 4.2275/2300 at Thursday’s close.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said worries over credit markets in US banks have resulted in the weakening of the greenback amid trade tension concerns. "All things considered, talk of an interest rate cut by the US Federal Reserve is gaining momentum, and this can be dollar-negative,” he told Bernama.

At the close, the ringgit traded mostly lower against major currencies, except for the British pound, where it climbed to 5.6741/6788 from 5.6792/6826 at Thursday’s close. It slipped against the euro to 4.9421/9462 from 4.9284/9313 and weakened against the Japanese yen to 2.8218/8244 from 2.7943/7961 previously.

The local note was mostly higher against ASEAN currencies.

It was flat against the Singapore dollar at 3.2635/2665 from 3.2630/2651 at yesterday's close and gained versus the Indonesian rupiah to 254.6/254.9 from 254.9/255.2. The ringgit rose against the Philippine peso to 7.26/7.27 from 7.27/7.28 and gained vis-à-vis the Thai baht to 12.9301/9471 from 12.9849/9986.

-- BERNAMA