KUALA LUMPUR – The ringgit closed higher against the US dollar today in view of surging US weekly initial jobless claims announced overnight, as a second wave of Covid-19 exploded across Europe and the United States, said a dealer.
At 6pm, the local note was traded at 4.1470/1520 versus the greenback compared with 4.1520/1550 at Thursday’s closing.
Oanda Asia Pacific senior market analyst Jeffrey Halley said national restrictions were coming into force across Europe.
“Financial markets are nervous over Covid-19's potential effect on the economic recovery in Europe and the US, the US election which is two weeks away, Brexit trade talks, and no sign of a US fiscal stimulus.
“Asian currencies continue to hold their own for the most part, coat-tailing a strong yuan and positive China data,” he told Bernama today.
Meanwhile, the ringgit was traded higher against other major currencies.
It rose against the Singapore dollar to 3.0517/0556 from 3.0520/0547 on Thursday and increased against the British pound to 5.3654/3735 from 5.3851/3907 yesterday.
The local currency improved against the euro to 4.8553/8628 from 4.8620/8672 yesterday and appreciated versus the yen to 3.9409/9460 from 3.9423/9462 previously. – Bernama, October 16, 2020
