Ringgit ends lower on weak demand | Money

A teller counts RM50 notes in George Town November 27, 2019. ― Picture by Sayuti Zainudin

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KUALA LUMPUR, March 12 — The ringgit ended the final day of the week lower by 110 basis points (bps) against the US dollar on weak demand due to higher risk appetite for the greenback, said an analyst.

At 6pm, the local note traded easier to 4.1160/1200 versus the US dollar from 4.1050/1100 at Thursday’s close.

Axi chief global market strategist Stephen Innes said again the ringgit and most of Asia’s currencies were being “held hostage” to stubbornly higher US Treasury yields which pressured the ringgit to a weaker close.

“Unfortunately, interest volatility is likely to ease next week with the Federal Open Market Committee’s (FOMC) rate decision hogging the limelight on March 17,” he told Bernama.

Meanwhile, the ringgit was traded mostly higher against other major currencies.

It appreciated against the Singapore dollar to 3.0557/0593 from 3.0637/0681 on Thursday, rose against the Japanese yen at 3.7720/7760 from 3.7841/7894 and improved versus the euro to 4.9050/9106 from 4.9108/9176 previously.

However, the ringgit slipped against the British pound to 5.7262/7326 from 5.7261/7339 yesterday. — Bernama

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