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Ringgit ends lower ahead of US jobs data

by September 1, 2016 General

KUALA LUMPUR, Sept 1 — The ringgit continued to close lower against the US dollar today in line with most emerging Asian currencies as traders are cautiously awaiting US jobs data to be released tomorrow, dealers said.

At 6 pm, the ringgit was quoted at 4.0740/0790 against the greenback from 4.0510/0600 on Tuesday.

The dealer said the US jobs data was expected to shape the market’s near-term US interest rate expectations.

“The recent slide in crude oil prices was also not supporting the ringgit.     

“Oil prices fell to more than two-week lows, with US crude falling to more than 3.5 per cent as oversupply concerns continue to persist,” said the dealer.

Brent crude oil fell US$1.33 to US$47.04 per barrel yesterday while US West Texas Intermediate crude was down US$1.65 at US$44.70.

Meanwhile, the local currency was also traded mostly lower against a basket of major currencies.

The local note fell against the euro to 4.5388/5460 to from 4.5246/5362 on Tuesday and decreased against the Singapore dollar to 2.9879/9918 from 2.9754/9829 previously.

It fell against the British pound to 5.3964/3043 from 5.2983/2109 on Tuesday but rose against the yen to 3.9324/9384 from 3.9588/9687 previously. — Bernama