Ringgit Eases Against US Dollar At The Close

By Siti Radziah Hamzah

KUALA LUMPUR, Oct 29 (Bernama) -- The ringgit closed lower against the US dollar for the second consecutive day amid waning risk appetite for the domestic currency ahead of the US presidential election next week, said an analyst.

At 6 pm, the local note fell to 4.3760/3810 versus the greenback from Monday’s close of 4.3605/3640. 

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US presidential election is the main event risk that could have a material impact to the global economy, especially in areas relating to international trade and geopolitics. 

“The close race between the two candidates have led to heightened uncertainties which resulted in traders and investors seeking refuge in the safe haven currency, namely the US dollar,” he told Bernama.

At the close, the ringgit was mostly lower against a basket of major currencies.

It edged up versus the Japanese yen to 2.8516/8550 from 2.8521/8545 at Monday’s close, but it decreased vis-a-vis the British pound to 5.6805/6870 from 5.6564/6610 yesterday and slipped against the euro to 4.7344/7398 from 4.7159/7197 previously. 

Meanwhile, the ringgit also traded mostly lower versus ASEAN currencies.

The local currency was slightly firmer against the Indonesian rupiah at 277.4/277.9 compared with 277.2/277.6 at yesterday’s close.

However, it depreciated vis-a-vis the Singapore dollar to 3.3044/3084 from 3.2979/3008 at Monday’s close, fell versus the Philippine peso to 7.51/7.52 from 7.48/7.49 yesterday and slid against the Thai baht to 12.9544/9746 from 12.8780/8933. 

-- BERNAMA