KUALA LUMPUR – The ringgit kicked off the week lower against the US dollar, closing the day in line with weaker Asian currencies, as Malaysia reported weaker exports for August.
As at 6pm, the ringgit was traded at 4.1730/1780 versus the greenback compared with 4.1650/1700 last Friday.
AxiCorp chief global market strategist Stephen Innes said the market took its cue from the trade figures, which were seen as painting a dismal view of global trade.
“This clearly suggests supply chains remain disrupted as the world temporarily snubs globalisation and countries continue to buy local products.
“But it also suggests that the global economy still has a long way to go despite policymakers throwing so much stimulus at it,” he told Bernama.
Exports for August 2020 fell 2.9% to RM79.14 billion year-on-year, while total trade decreased 4.6% to RM145.06 billion compared with August last year.
Against other major currencies, the ringgit was also traded lower.
It depreciated against the Singapore dollar to 3.0340/0385 from last Friday’s close of 3.0264/0307 and was lower against the British pound to 5.3615/3687 from 5.3008/3088.
The local currency was slightly lower against the euro at 4.8590/8665 from 4.8489/8564 previously and slipped versus the yen to 3.9611/9662 from 3.9490/9549. – Bernama, September 28, 2020
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