Ringgit ends unchanged as demand for US dollar slips

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

, March 5 — The ringgit closed unchanged as the demand for the safe-haven currency, the , tapered off in strength at closing, dealers said.

At 6pm, the ringgit was quoted at 4.0740/0780 against the greenback compared with Monday’s close of 4.0740/0770.

Oanda senior market analyst Jeffrey Halley said the US dollar strengthened, earlier in the day, as edged lower reflecting the mechanical nature of the currency markets.

“With implied volatility at near- in the options market, the foreign exchange markets are apparently waiting for clearer macroeconomic or geopolitical drivers before committing heavily to new positions,” he said.

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

It improved against the Japanese yen to 3.6381/6427 from 3.6417/6454 on Monday and appreciated against the dollar to 3.0062/0109 from 3.0071/0104.

The local unit rose against the euro to 4.6142/6200 from 4.6203/6254 and increased versus the British pound to 5.3716/3785 from 5.3944/4000 previously. — Bernama

Source: The Malay Mail Online

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