Ringgit ends easier against US dollar

KUALA LUMPUR: The ringgit ended easier against the greenback, driven by Bank of Japan's monetary stimulus news that was perceived negatively, dealers said.
At 6pm, the local unit was quoted at 4.0670/0740 against the US dollar from 4.0470/0520 on Thursday.
FXTM research analyst Lukman Otunuga said investors were left empty handed during trading on Friday following the Bank of Japan's expansion of monetary stimulus which fell below market expectations.
"The central bank decided to expand the amount of exchange traded funds purchased from 3.3 to 6 trillion yen while leaving main interest rates unchanged despite the economy's vulnerable state," he said.
Otunuga said the decision was shocking as Japan continued to be exposed to downside risks while domestic economic data such as gross domestic product and inflation had displayed signs of weakness.
Meanwhile, Affin Hwang Investment Bank vice-president/head of retail research Datuk Dr Nazri Khan Adam Khan said he was positive as he expects crude oil prices to stabilise as it has already dipped to US$42 per barrel.
At closing, the benchmark Brent crude oil was priced at US$42.87 (RM170.24) per barrel. The local unit was traded lower against a basket of major currencies.
It fell against the British pound to 5.3583/3691 from 5.3335/3422 yesterday.
The ringgit weakened against the Singapore dollar to 3.0108/0169 from 2.9973/0015 on Thursday. The local unit declined against the yen to 3.9257/9343 from 3.8627/8694 on Thursday.
It fell against the euro to 4.5180/5274 from 4.4889/4961 yesterday. — Bernama