Ringgit ends the week lower against the greenback

Ringgit ends the week lower against the greenback

Investors stay on the sidelines as they await fresh payrolls data from the US.

KUALA LUMPUR:
The ringgit rolled back its gains from yesterday to end the week lower as investors awaited the release of US non-farm payrolls data later in the day.

At 6pm, the ringgit finished at 4.2565/4.2610 against the greenback, down from yesterday’s close of 4.2445/4.2490.

SPI Asset Management managing partner Stephen Innes said a stronger non-farm payroll number would support the US dollar, whereas a bad print would send recession fears around the globe and hurt risky assets like the ringgit.

“The data has to fall into the ‘Goldilocks zone’ that is not too bad nor too good (for the ringgit) to open favourably on Monday,” he told Bernama.

Against other major currencies, the ringgit traded mostly higher against a basket of major currencies.

The local currency was slightly higher against the Singapore dollar to 3.2475/3.2514 from yesterday’s close of 3.2498/3.2534 and eased vis-a-vis the Japanese yen to 3.3106/3.3147 from 3.2924/3.2961.

Meanwhile, the ringgit appreciated against the British pound to 5.2125/5.2180 from 5.2381/5.2437 and higher versus the euro to 4.6519/4.6568 from 4.6685/4.6735.

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