KUALA LUMPUR: The ringgit retreated from its gains against the US dollar at the close today, weighed down by declining oil prices and robust United States (US) economic data, said an analyst.
At 6 pm, the local note depreciated 270 percentage-in-points (pips) to 4.3930/3990 against the greenback from 4.3660/3715 at Monday’s close.
SPI Asset Management managing director Stephen Innes said the rise in the services industry’s activities in November drove the US yields higher, triggering demand for the US dollar.
According to an international news report, the US Institute for Supply Management's (ISM) non-manufacturing purchasing managers’ index (PMI) rose 2.1 percentage points to 56.5 in November.
"To top things off, oil prices struggled to bounce higher despite China reopening its trade.,
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"Given the current global market condition, I suspect local investors will view dips in the ringgit as buying opportunities as long China’s reopening remains on course,” he told Bernama.
At the time of writing, the benchmark Brent crude oil price fell 0.21 per cent to US$82.51.
Meanwhile, the ringgit was traded mostly higher against a basket of major currencies at the close.
The local note appreciated against the British pound to 5.3498/3571 from 5.3632/3700 at Monday’s close, strengthened vis-a-vis the Singapore dollar to 3.2363/2412 from 3.2379/2425 and rose against the Japanese yen to 3.2120/2166 from 3.2291/2334 previously.
However, it fell versus the euro to 4.6096/6159 from 4.6087/6146 yesterday. - Bernama
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