KUALA LUMPUR, April 21 — The ringgit ended slightly lower against the US dollar today on the back of sliding oil prices and the demand shift towards safe-haven currencies such as the greenback, said an analyst.
At 6pm, the local unit eased to 4.1190/1230 against the US dollar from Tuesday’s close of 4.1130/1180.
Axi chief global market strategist Stephen Innes said investors are seeking shelter in the US dollar until the dust has settled on the latest surge of Covid-19 cases in India and Japan that threatens to temporarily derail global economic recovery.
“Commodities currencies are typically the ones to fall the most. But I think this situation is only temporary,” he told Bernama.
At press time, Brent crude declined 1.19 per cent to US$65.78 per barrel following the resurgence of Covid-19 infections.
Meanwhile, the ringgit was traded mostly higher against other major currencies.
It rose against the Singapore dollar to 3.0958/0995 from Tuesday’s 3.0964/0011, and advanced against the euro to 4.9453/9509 from 4.9590/9659 yesterday.
The ringgit appreciated against the British pound to 5.7390/7462 from 5.7508/7594 but went down against the yen to 3.8107/8155 from 3.7918/7968 previously.
— Bernama
