KUALA LUMPUR — The ringgit remained lower versus the US dollar at the opening today on subdued demand.
At 9am, the local currency stood at 4.1530/1590 versus the greenback, compared with 4.1520/1550 at Thursday’s close.
Axi chief global market strategist Stephen Innes said the local note may remain range-bound amidst the competing narrative.
“However, China’s economic lift-off is being viewed favourably by investors and also supports the ringgit,” he said.
Still, Innes said, demand for the safe-haven dollar is holding the ringgit back as Covid-19’s storm clouds gather over Europe.
Meanwhile, the ringgit was traded mixed against other major currencies.
It fell against the Singapore dollar to 3.0530/0581 from yesterday’s close of 3.0520/0547 but increased against the British pound to 5.3599/3684 from 5.3851/3907 previously.
The local currency declined against the euro to 4.8640/8723 from 4.8620/8672 on Thursday and was slightly lower versus the yen to 3.9425/9489 from 3.9423/9462 yesterday. — Bernama, October 16, 2020
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