KUALA LUMPUR, March 11 — The ringgit closed the day little changed against the US dollar with investors becoming more cautious.
At 6pm, the local currency was quoted at 4.0870/0920 against the US dollar compared with last Friday’s close of 4.0890/0930.
“Last week’s US Non-Farm Payroll data was really weak and this took the market by surprise. The disappointing data also raised possible concerns over growth prospects of the US,” said Bank Islam Malaysia Bhd chief economist, Dr Mohd Afzanizam Abdul Rashid.
He also said investors were watching closely the crucial Brexit vote this week.
“Uncertainties surrounding these issues have resulted in risk aversion among investors, leading to demand for safe haven currencies,” he told Bernama.
Overall, the ringgit was mixed against other major currencies.
It depreciated against the Singapore dollar to 3.0076/0124 from 3.0064/0104 last Friday and the euro to 4.5983/6055 from 4.5842/6895.
The ringgit, however, rose against the British pound to 5.3029/3110 from 5.3509/3577 and against the Japanese yen to 3.6740/6799 from 3.6798/6847. — Bernama
Source: The Malay Mail Online