KUALA LUMPUR, Aug 2 — The ringgit closed flat against the US dollar today on lack of catalysts, but managed to halt two days of decline, prompting optimism over the local currency’s outlook, dealers said.
At 6pm, the local unit stood at 4.2840/2870 against the greenback compared with Tuesday’s close of 4.2840/2870.
Internet-based forex trading and currency information services, OANDA, Head of Trading Asia-Pacific, Stephen Innes said the ringgit should stay in favour against the US dollar, provided the greenback remained weak on a dovish US Federal Reserve outlook.
“However, a return of US fiscal policy to the headlines or a more aggressive US Federal Reserve balance sheet initiative will present some serious headwinds to this view,” he told Bernama.
The ringgit was also mixed against a basket of major currencies.
It rose against the Singapore dollar to 3.1507/1541 from 3.1556/1592 on Monday and versus the yen, appreciated to 3.8668/8705 from 3.8815/8853.
It declined against the British pound to 5.6660/6717 from 5.6647/6700 and eased against the euro to 5.0710/0754 from 5.0607/0655. — Bernama
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