Oil rebound pauses, ringgit dips against US dollar

  • Forex
  • Thursday, 02 Jul 2020

KUALA LUMPUR: The ringgit extend its downtrend to trade lower Thursday as oil's rally paused.

At 9.10am, the ringgit was quoted at 4.2850/2900 compared with yesterday's close of 4.2840/2880.

AxiCorp global chief market strategist Stephen Innes said in addition, sentiment turned a bit sour due to external drivers, but primarily for Asia of risks in the Hong Kong law situation after both the US, the United Kingdom, along with Japan voiced their disapproval.

'’I think the lingering effect of the agency debt warning is hanging over the ringgit like a dark cloud this week.

"Currency risk will be muted today as the major risk event of the week looms ahead of the US Non-Farm Payrolls (NFP) release," he told Bernama.

The crude Brent was lower at US$41.90 per barrel, while the West Texas Intermediate (WTI) declined to US$39.64 per barrel.

Meanwhile, the ringgit traded lower against other benchmark currencies.

The local note declined versus the Singapore dollar to 3.0743/0781 from 3.0718/0756 and slipped versus the British pound to 5.3438/3513 from 5.3100/3167 yesterday.

It also dipped compared to the euro to 4.8211/8271 from 4.8007/8068 and reduced vis-a-vis the Japanese yen to 3.9868/9922 from 3.9833/9881. - Bernama

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