Ringgit rises as weak dollar spurs demand

 Publish date: Thu, 3 Oct 2019, 6:56 PM

KUALA LUMPUR: The ringgit further improved to end higher against the US dollar today as the greenback lost its shine amid worries over deepening US economic gloom.
At 6 pm, the local unit stood stronger at 4.1860/1890 compared to yesterday’s close of 4.1930/1960.
Axi Trader Asia-Pacific market strategist Stephen Innes said despite trading a bit better today in the higher 4.18’s, the ringgit remained glued to 4.19 level as investors preoccupied with domestic events ahead.
“A Goods and Services Tax (GST) proposal by a domestic think tank is garnering lots of press as Prime Minister Tun Dr Mahathir Mohamad versus Datuk Seri Anwar Ibrahim’s succession talk move in motion in the background.
“However, with the Budget 2002 getting delivered on Oct 11, this is now being viewed as the next significant catalyst, which is likely keeping foreign investors cautious on local bonds, equities and currency,” he told Bernama.
The greenback fell overnight after data showed hiring by US private employers had cooled in September, the latest indicator that the Sino-US trade dispute is hurting the world’s largest economy.
“Also, the US levied EU goods with new tariffs greenlighted by World Trade Organisation ruling adding another brick in the wall of worry for EU investors,” Innes added.
Having said that, he said a faltering US economy was not a cause for celebration for export-oriented economies in Asia like Malaysia.
Overall, the ringgit was traded mostly lower against other major currencies.
It declined against the Singapore dollar to 3.0287/0320 from 3.0248/0274 at yesterday’s close and fell against the yen to 3.9059/9102 from 3.8950/8982.
The local note depreciated against the euro to 4.5820/5870 from 4.5775/5825 and was lower against the British pound to 5.1408/1462 from 5.1335/1388.
 - Bernama
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