KUALA LUMPUR, Oct 27 — The ringgit ended lower against the US dollar today as the local note had been experiencing technical correction due to the overbought position despite the weakening in the greenback, an analyst said.
At 6pm, the local currency eased to 4.1530/1560 versus the greenback from 4.1450/1475 at yesterday’s close.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said investors were cashing in some gains that were made from the ringgit strength although the US dollar index (DXY) fell to 93.91 points.
“All in all, the ringgit still looks positive in light of a better growth following the lifting of the interstate travel ban,” he said.
He added that Brent crude was deemed to be in a respectable level, hovering around US$85 per barrel that could benefit the oil and gas sector as well as Malaysian government coffers.
At the close, the local note was traded mostly higher against a basket of major currencies, except versus the Japanese yen where it slipped to 3.6542/6572 from 3.6353/6378 on Tuesday’s close.
It climbed against the Singapore dollar to 3.0763/0790 from 3.0779/0800 yesterday, appreciated vis-a-vis the British pound to 5.7033/7074 from 5.7172/7206 and widened against the euro to 4.8137/8172 from 4.8148/8177 previously.
— Bernama
