KUALA LUMPUR – The ringgit traded stronger at the close today, supported by improving global risk sentiment which triggered a weaker US dollar.
As at 6pm, the local currency was traded at 4.1540/1590 versus the greenback compared with 4.1730/1780 yesterday.
AxiCorp chief global market strategist Stephen Innes said however, the local note’s performance was capped by the lower oil price due to demand concerns, driven by the spike in global Covid-19 cases.
At 6.10pm today, Brent crude oil price fell 0.42% to US$42.25 (RM175) per barrel.
“The bullish view is probably being held back by yesterday's worse-than-expected export figure, the constant cloud of political uncertainty as well as the possible market de-grossing ahead of the China Golden Week national holiday (from Oct 1-7) when liquidity typically dries up,” he told Bernama.
The ringgit was also traded higher against other major currencies.
It appreciated against the Singapore dollar to 3.0323/0367 from yesterday's close of 3.0340/0385 and rose against the British pound to 5.3420/3501 from 5.3615/3687 previously.
The local currency was marginally higher against the euro at 4.8569/8640 from 4.8590/8665 on Monday and advanced versus the yen to 3.9333/9388 from 3.9611/9662. – Bernama, September 29, 2020
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