Ringgit ends marginally lower against US dollar

28 May 2020 / 18:51 H.

KUALA LUMPUR: The ringgit ended slightly lower against the US dollar today amidst the decline in global crude oil prices, a dealer said.

As at 6pm, the local note was quoted at 4.3540/3600 against the greenback compared with yesterday’s close of 4.3450/3510.

Financial services firm AxiCorp chief global market strategist Stephen Innes said crude oil remained one of the weaker links for the local note as Brent crude stood below US$40 per barrel.

At press time, Brent crude fell 1.90% to US$34.08 per barrel.

“Investors are awaiting new market direction,” he said, adding there were nascent signs that investors were back on the hunt for yield as they expected economies around the world to recover from the Covid-19 pandemic and lockdown.

Against a basket of benchmark currencies, the ringgit traded mixed.

The local currency rose against the Singapore dollar to 3.0664/0719 from yesterday’s close of 3.0705/0753, but fell versus the Japanese yen to 4.0412/0479 from 4.0355/0422.

The ringgit slipped against the euro to 4.7933/7012 from 4.7899/7978, and appreciated against the British pound to 5.3363/3454 from 5.3609/3700 previously. - Bernama

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