Local note ends higher on weaker US dollar

 Publish date: Mon, 14 Sep 2020, 6:58 PM

KUALA LUMPUR: The ringgit closed higher against the US dollar today in line with other emerging-market currencies as the greenback continued to weaken due to rising COVID-19 cases as well as political shift in the United States.
At 6 pm, the domestic unit advanced to 4.1440/1490 against the greenback from Friday's close of 4.1510/1550.
An analyst said the weakening of the dollar was expected to extend until November, as the US presidential election would take place on Nov 3.
"As the US continues to experience high COVID-19 cases daily, it would be a difficult task for whoever holding office in the next term. Their focus should also be on rebuilding the nation's economy that has suffered a massive blow due to the pandemic," she said.
As of today, the US has recorded 33,369 new cases with 399 deaths, bringing the total tally to 6.54 million cases with 194 thousand deaths.
However, she said that against other currencies, the local note might be under pressure as oil prices continued to slip as demand remained slow.
At the close, the benchmark Brent crude was trading at US$39.48 per barrel compared with last Friday's US$40.12 per barrel.
Against other major currencies, the ringgit was traded mostly higher.
It appreciated against the Singapore dollar to 3.0321/0369 from 3.0384/0420 on Friday and strengthened against the euro to 4.9119/9195 from 4.9281/9332.
However, the local currency also eased against the British pound to 5.3230/3315 from 5.3104/3167 previously and slipped against the yen to 3.9080/9138 from 3.9076/9124.
 - Bernama
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