Malaysian Ringgit Closes Flat Against The US Dollar

KUALA LUMPUR, June 30 (Bernama) -- The Malaysian ringgit closed flat against the US dollar amid mixed sentiment in the market, a dealer said. At 6 pm, the local note was unchanged at 4.2920/2950 against the greenback. Research Analyst at FXTM Lukman Otunuga said improved macro-economics conditions in the country should complement the current upside for the ringgit while the US dollar was heavily pressured after a delayed healthcare bill vote on Thursday which heavily weighed on the prospects for tax cuts and infrastructure spending. “Traders may shift some of their attention towards the US gross domestic product (GDP) first quarter results today, which could break the greenback further,” said Lukman. On the local front, Bank Negara Malaysia said continued non-resident inflows, totalling RM12.1 billion into the Malaysian financial market, resulted in the ringgit remaining the best performer in the region in May, appreciating 1.7 per cent against the US dollar. The central bank said the equity market also continued to receive RM2 billion in non-resident inflow in May. “Sentiment was supported by the stronger-than-expected GDP growth in the first quarter of 2017 and improved outlook for the ringgit,” it said in a statement today. At close, the ringgit traded mostly lower against other major currencies, except the euro. It eased against the Singapore dollar to 3.1181/1220 from 3.1115/1148 on Thursday, fell against the British pound to 5.5757/5801 from 5.5654/5710 and dipped against the yen to 3.8328/8365 from 3.8175/8205. The ringgit, however, appreciated against the euro to 4.8963/8015 from 4.8980/8032 on Thursday. -- BERNAMA