Ringgit closed lower against US dollar

April 30, 2018 | By | Reply More

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KUALA LUMPUR: The ringgit finished easier against the US dollar on Monday after seeing some bullish pre-election currency bets.

The market was looking to the final countdown to 14th General Election and this kept investors at bay.

At 6pm, the ringgit was quoted at 3.9220/9250 from last Friday’s 3.9170/9205.

OANDA Head of Trading Asia-Pacific Stephen Innes said there was some interest among domestic investors to buy the local note but this was overshadowed by the unwinding of foreign bond inventories which was more prevalent as the US Treasury 10 yield was above three percent.

“So if US bond yields begin to rise, the ringgit could be poised to make another run at 3.80 provided there is no electoral surprises,”he added.

The ringgit, however, was mostly lower against a basket of major currencies.

It fell against the Singapore dollar to 2.9618/9652 from 2.9531/9562 on Friday, decreased against the Japanese yen to 3.5893/5930 from Friday’s 3.5834/5869.

The local note fell against the euro to 4.7519/7571 from 4.7317/7375 but appreciated against the British pound to 5.3841/3898 from 5.4031/4103 previously.

The foreign exchange market will be closed tomorrow for the Labour Day holiday. — Bernama

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