Ringgit ends lower as oil prices retreat

The ringgit was traded mostly higher against other major currencies. — Picture by Saw Siow Feng
The ringgit was traded mostly higher against other major currencies. — Picture by Saw Siow Feng

, March 8 ― The ringgit closed lower against the today on falling global crude oil prices against the backdrop of a lower downside forecast by the European (ECB).

This lent support for the greenback, dealers said.

At 6pm, the local currency was quoted at 4.0890/0930 against the US dollar compared with Thursday’s close of 4.0860/0900.

Oanda senior market analyst Jeffrey Halley said the US dollar reigned supreme overnight as haven flows poured into the greenback and onto US treasuries.



“The same scenario is likely for regional currencies with traders likely to reduce holdings.

 The local currency, in particular, is vulnerable to safe-haven outflow ahead of the weekend,” said Halley.

 “The ECB left rates unchanged at zero per cent but was surprisingly downbeat, slashing Eurozone growth forecast from 1.70 per cent to 1.10 per cent, lowering forecast with ECB president Mario Draghi bemoaning “pervasive uncertainty” in the global economy,” he said.

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

It appreciated against the dollar to 3.0064/0104 from 3.0108/0140, rose against the euro to 4.5842/6895 from 4.6209/6258 and increased versus the British pound to 5.3509/3577 from 5.3784/3853 previously.

It, however, declined against the Japanese yen to 3.6798/6847 from 3.6574/6619 on Thursday. ― Bernama

Source: The Malay Mail Online







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