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Ringgit ends higher on concerns over US consumer prices

by April 20, 2017 General

KUALA LUMPUR, April 20 ― The ringgit closed slightly higher against the US dollar today as the greenback continued to lose ground on mounting concerns over the lower-than-expected US Consumer Price Index data released for March, and President Donald Trump’s tax reform promises.

At 6pm, the local unit was quoted at 4.3960/3000 against the greenback compared with Wednesday’s close of 4.3985/3015.

A dealer said investors remained skeptical over Trump’s promises and the weaker economic data, hence, the focus was now shifting towards emerging market currencies, including the ringgit.

“Besides, the stronger crude oil prices also helped lifted the ringgit,” he said.

The overnight benchmark Brent crude oil futures went up 50 US cents to US$53.43 per barrel and the US crude oil futures improved 43 US cents to US$50.87 per barrel.

At the close, the ringgit was traded mixed against a basket of other major currencies.

It appreciated against the British pound to 5.6392/6452 from 5.6424/6489 on Wednesday and rose against the yen to 4.0312/0352 from yesterday’s close of 4.0372/0403.

However, the ringgit fell against the euro to 4.7310/7366 from 4.7152/7197 yesterday and was flat against the Singapore dollar at 3.1465/1498 from 3.1465/1505 previously. ― Bernama