Ringgit ends decrease as US greenback strengthens



PETALING JAYA: The ringgit ended decrease in opposition to the US greenback yesterday, because the dollar continued to strengthen amid encouraging United States financial knowledge, an analyst mentioned.

At 6pm yesterday, the native foreign money weakened to 4.2185/2215 versus the dollar from 4.2110/2135 at Friday’s shut.

OANDA senior market analyst for Asia Pacific, Jeffrey Halley, mentioned the US labor market prolonged a powerful and speedy restoration with the non-farm payrolls knowledge displaying a wholesome achieve of 431,000 jobs, albeit decrease than anticipated.

“The dollar continued to achieve essential help as agency financial knowledge pushed the US yields greater,” he mentioned, based on Bernama.

In the meantime, Halley famous that Asian currencies have been traded barely weaker on concern over the Covid-19 outbreak in China however principally continued to vary commerce ready for directional alerts.

“Widened virus restrictions in China might be an extra headwind for Asian currencies, and the persevering with rise in US yields means downward pressures are persevering with to construct as effectively,” he added.

On the shut, the ringgit was traded principally decrease in opposition to a basket of main currencies besides the euro, in opposition to which it rose to 4.6441/6474 from 4.6557/6584 at Friday’s shut.

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