KUALA LUMPUR – The ringgit ended lower against the US dollar for the second consecutive day today due to lack of fresh catalysts, said an analyst.
At 6pm, the ringgit slipped to 4.0590/0630 versus the greenback compared with 4.0490/0530 at yesterday’s close.
Axi chief global market strategist Stephen Innes said today was relatively quiet as the market remained in holding pattern awaiting resolution on Brexit and greater understanding of the new Covid-19 mutation, which all weighed on local sentiment.
“Additionally, none is more important to the ringgit than oil prices which remain very depressed due to a weaker demand outlook,” he told Bernama.
Meanwhile, at the time of writing, Brent crude declined 1.43% to US$50.18 per barrel.
The ringgit was also traded lower against other major currencies.
It fell against the Singapore dollar to 3.0370/0412 from 3.0266/0305 at yesterday’s close and weakened against the euro to 4.9540/9605 from 4.9288/9353.
The local note also depreciated against the British pound to 5.4427/4497 from 5.3520/3589 and eased against the Japanese yen to 3.9252/9298 from 3.9027/9076 yesterday. – Bernama, December 22, 2020
