Ringgit ends marginally higher against US dollar
KUALA LUMPUR, July 8 — The ringgit ended marginally higher against the US dollar but barely moved throughout the trading session, dealers said.
At 5pm, the ringgit was quoted at 3.8050/8080 from 3.8060/8080 on Tuesday.
A dealer said the central bank had intervened to keep the local note firmer, however, the ringgit was expected to remain weak following continuous selling of Malaysian equities and bonds.
Meanwhile, West Texas Intermediate (WTI) crude oil price also looked set to further decline judging from the selling momentum amid oversupply concerns, following optimism in the progress in an agreement for Iran’s nuclear programme.
“The downside pressure in WTI is also inspiring selling momentum in currencies with economies linked to crude oil exports, such as the Canadian Dollar, Mexican Peso, Malaysian Ringgit and Russian Rouble,” said another dealer.
The local note was traded lower against a basket of currencies except for the British pound.
It fell against the Singapore dollar to 2.8063/8087 from 2.8058/8074 on Tuesday, slid against the yen to 3.1276/1313 from 3.1026/1048 and depreciated against the euro to 4.2015/2056 from 4.1737/1762 yesterday.
The ringgit strengthened versus the pound sterling to 5.8616/8681 from 5.9020/9062 on Tuesday. — Bernama
