KUALA LUMPUR, Oct 27 — The ringgit reversed yesterday’s gain and closed easier against the US dollar as the local note’s bearish trend continues in the medium and long term, said a dealer.
At 6pm, the local note fell marginally lower against the greenback to 4.7155/7185 from 4.7120/7165 at yesterday’s closing.
ActivTrades market analyst Alexander Londono said the ringgit’s relief rally for the past two days was due primarily to weakness in the US dollar.
“Inflation expectations are still high around the world, especially in emerging markets, hence the dollar may stay strong for quite some time,” he told Bernama.
Meanwhile, the ringgit was traded mixed against a basket of major currencies.
The local currency was marginally higher against the Singapore dollar at 3.3448/3472 from 3.3454/3491 previously and improved vis-a-vis the British pound to 5.4516/4551 from 5.4523/4575 at the close yesterday.
However, it fell against the euro to 4.7334/7364 from 4.7243/7288 at Wednesday’s close and versus the Japanese yen, it weakened to 3.2194/2219 from 3.2020/2052 at Wednesday’s close.
— Bernama
