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Ringgit retreats to end easier against US dollar

Business & Finance

KUALA LUMPUR, Oct 15 — The ringgit retreated on profit-taking to end easier against the US dollar today after six consecutive days of gains, dealers said.

At 6 pm, the local note fell to 4.1560/1590 versus the greenback from Thursday’s closing of 4.1525/1560.

A dealer said the US dollar remained steady on improving optimism over a global recovery.

“The news that the US initial Jobless Claims data came in well below expectations while the Producer Price Index data was slightly above expectations remained supportive to the greenback,” he said.

Bank Islam chief economist Mohd Afzanizam Abdul Rashid said the ringgit was stronger in the morning session against the US dollar, moving to as low as RM4.1543 before retreating to RM4.1573 in the afternoon session.

“However, the ringgit looks like still benefitting from higher commodity prices.

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