Ringgit Ends Flat Against US Dollar, Higher Versus Major Currencies

By Abdul Hamid A Rahman

KUALA LUMPUR, Oct 22 (Bernama) -- The ringgit closed flat against the greenback on Wednesday amid cautious sentiment ahead of an anticipated meeting between US and Chinese leaders next week in South Korea.

At 6 pm, the local note was unchanged at 4.2280/2325 against the US dollar from 4.2280/2315 at Tuesday’s close.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the uncertainty surrounding the US-China meeting on trade issues supported the greenback for now.

“Such a development seems to have (supported) the value of the US dollar. (However) the US government shutdown (has continued) and there is a lack of important data points being released for the US Federal Reserve to make an informed decision. This can be risky, and it remains to be seen how the present situation can continue to support the US dollar,” he told Bernama.

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

It advanced against the British pound 5.6309/6368 from 5.6592/6639, gained against the euro to 4.9019/9072 from 4.9134/9174, and strengthened marginally against the Japanese yen to 2.7849/7880 from 2.7851/7875 at Tuesday’s close.

The local note also traded mostly higher against ASEAN currencies.

It appreciated slightly against the Singapore dollar to 3.2556/2593 from 3.2598/2628, improved versus the Thai baht to 12.8573/8769 from 12.9048/9218, and strengthened against the Philippine peso to 7.23/7.25 from 7.26/7.27, yesterday.

However, the ringgit edged down against the Indonesian rupiah to 254.9/255.3 from 254.8/255.2 previously.

-- BERNAMA