Ringgit ends easier against US dollar

KUALA LUMPUR: The ringgit ended marginally lower against the US dollar today amid a rebound in emerging market (EM) currencies, dealers said.
At 6pm, the local unit eased to 4.1435/1465 against the greenback from 4.1430/1460 on Thursday.
Oanda Head of Trading Asia-Pacific Stephen Innes said the ringgit was finding a modicum of support from the July trade figures that beat all expectations, as higher oil prices remained a lifeline for it, while significantly improving Malaysia's terms of trade.
"The lifeline supports the notion that the ringgit will be relatively insulated from external factors with Malaysia being a primary oil exporter," he told Bernama.
Innes said the local unit is also getting a fillip from the bounce in other EM currencies with the weakest links in the EM currency chain having a positive overnight session.
However, he added that what remains entirely interesting about the ringgit was the full range of year-end estimates, which suggest trading in the local unit would become incredibly active, once the US-China trade news leaves the headlines.
The ringgit was lower against other major currencies.
It depreciated against the Singapore dollar to 3.0139/0163 from 3.0116/0144 on Thursday and eased against the euro to 4.8210/8257 from 4.8138/8189.
The local note declined against the yen to 3.7406/7444 from 3.7217/7254 and fell against the British pound to 5.3725/3768 from 5.3569/3624. — Bernama