Ringgit Edges Lower Against Greenback, Stronger Versus Major Currencies

By Abdul Hamid A Rahman

KUALA LUMPUR, Oct 21 (Bernama) -- The ringgit ended marginally lower against the US dollar today as the greenback strengthened amid renewed optimism that the United States (US) and China may reach a trade deal soon, said an economist.

At 6 pm, the local note eased to 4.2280/2315 against the US dollar from 4.2240/2275 at Friday’s close.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the upcoming meeting between US President Donald Trump and Chinese President Xi Jinping in South Korea next week has become the main focus for investors.

“So far, President Trump has indicated that his administration is aiming to reach a fair deal with China, suggesting that a more amicable trade outcome could be in sight. Such a development appears to be dollar-positive for now,” he told Bernama.

He added that the ringgit hovered around RM4.2200 to RM4.2288 against the US dollar today, following the generally stronger performance of the greenback.

At the close, the ringgit traded higher against major currencies.

It advanced against the British pound 5.6592/6639 from 5.6741/6788, gained against the euro to 4.9134/9174 from 4.9421/9462, and strengthened against the Japanese yen to 2.7851/7875 from 2.8218/8244 at Friday’s close.

The local note was mixed against ASEAN currencies.

It appreciated against the Singapore dollar at 3.2598/2628 from 3.2635/2665, and improved versus the Thai baht to 12.9048/9218 from 12.9301/9471, previously.

However, it slipped against the Indonesian rupiah to 254.8/255.2 from 254.6/254.9, and was flat against the Philippine peso at 7.26/7.27 at last week’s close.

-- BERNAMA