Ringgit ends lower as demand for dollar surges

The ringgit traded mixed against other major currencies. — Reuters pic
The ringgit traded mixed against other major currencies. — Reuters pic

, March 4 — The ringgit closed easier as demand for the dollar increased on optimistic US- trade deal news, dealers said.

At 6pm, the ringgit fell to 4.0740/0770 against the greenback compared with Friday’s close of 4.0720/0770.

Oanda senior market analyst Jeffrey Halley said the Journal reported the US and China are close to a final trade deal.

“The currency markets have also responded to the lower at the opening,” said Halley.

Another dealer said the stronger cushioned the receding demand for the local note.

Benchmark crude oil was 0.63 per cent higher at US$65.70 per barrel while US West Texas Intermediate (WTI) crude oil rose 0.48 per cent to US$56.28 per barrel.

The ringgit, however, traded mixed against other major currencies.

It eased against the Japanese yen to 3.6417/6454 from 3.6383/6438 on Friday but appreciated against the dollar to 3.0071/0104 from 3.0105/0146.

The local unit improved against the euro to 4.6203/6254 from 4.6258/6319 but declined versus the British pound to 5.3944/4000 from 5.3921/3000 previously. — Bernama

Source: The Malay Mail Online

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