Highlights

Ringgit falls against US dollar at close

 Publish date: Wed, 9 Sep 2020, 8:15 PM

KUALA LUMPUR: The ringgit ended lower against the US dollar for the third consecutive day, ahead of Bank Negara Malaysia's (BNM) Monetary Policy Committee (MPC) meeting tomorrow.
 
At 6pm, the domestic unit stood at 4.1700/1740 against the greenback from 4.1650/1700 on Tuesday.
 
AxiCorp chief global market strategist Stephen Innes said the US dollar was holding again on safe-haven flows, but the recent ringgit sell-off was compounded by a jump in local COVID-19 cases, which is the ultimate "show stopper" these days.
 
Malaysia recorded 100 new COVID-19 cases on Tuesday and 24 new cases today.
 
"But it is not all bad news, global risk sentiment is trying to lift off, oil prices are slightly higher and capped losses at the close," Innes told Bernama.
 
At press time, Brent crude jumped 1.38 per cent to US$40.33 per barrel.
 
Meanwhile, BNM is expected to announce its decision on whether it would maintain the overnight policy rate (OPR) at the current of 1.75 per cent -- a historic low -- or to reduce it further by 25 basis points after the MPC meeting tomorrow.
 
"The bond markets will like a dovish BNM but there are always some concerns that it could lead to a small sell-off.
 
"Still, I think the BNM rate cut will be well received by the currency market as it will be good for domestic growth, hence stock markets," said Innes.
 
The ringgit was traded mixed against other major currencies.
 
It rose against the British pound to 5.3985/4053 from Tuesday's 5.4412/4494 and advanced against the euro to 4.9060/9124 from 4.9118/9185 yesterday.
 
The domestic unit depreciated against the Singapore dollar to 3.0447/0487 from 3.0399/0458 previously and eased against the yen to 3.9314/9363 from 3.9156/9214.
 
 - Bernama
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