KUALA LUMPUR: The ringgit continued its downtrend today against the US dollar on lack of buying interest for the local currency, said a dealer.
At 6pm, the local note stood at 4.1410/1440 versus the greenback compared with yesterday’s close of 4.1390/1420.
FXTM market analyst Han Tan said the US dollar index was holding steady around the 97.37 mark, with Asian currencies mostly lower against the greenback.
“With scarce developments out of the US-China trade talks, US Federal Reserve chair Jerome Powell’s speeches are set to be the pick of the week in terms of potential market catalysts.
“The better-than-expected June non-farm payrolls data shows that the US job market remains resilient, which could prompt the central bank to hold its plan to cut interest rates,” he said.
Back home, the decision by Bank Negara Malaysia’s Monetary Policy Committee (MPC) to maintain the overnight policy rate (OPR) at 3% had a relatively muted impact on the local note, as the market had largely priced in the monetary policy decision.
At the close, the ringgit traded higher against a basket of major currencies.
It rose against the Japanese yen to 3.8022/8060 from 3.8158/8189 on Monday and strengthened versus the Singapore dollar to 3.0411/0444 from 3.0436/0463.
It also improved against the euro to 4.6392/6429 from 4.6473/6511 and appreciated against the pound to 5.1601/1647 from 5.1882/1937 previously. — Bernama