Malaysian Ringgit Closes Lower Against US Dollar

KUALA LUMPUR, Dec 24 (Bernama) – The Malaysian ringgit closed easier against the US dollar Monday on weaker trading sentiment as many participants wee already away for Christmas and the extended holidays, said a dealer. At 6 pm, the local note traded at 4.1830/1860 against the US dollar versus 4.1790/1830 recorded last Friday. A dealer said market sentiment was dampened with the possible extension of the partial US government shutdown over budget spending into the new year. On the domestic front, OANDA Head of Trading for Asia Pacific Stephen Innes said the ringgit was still trading with a weaker bias in the near-term. “Although oil prices are moving higher, I suspect the bigger picture is that lower oil prices will hurt government revenue as the 2019 Budget is pegged at US$70 per barrel,” he told Bernama. On Sunday, Finance Minister Lim Guan Eng said the government would only recalibrate the 2019 Budget if average crude oil price dip below US$50 per barrel. However, the ringgit was mostly higher against major currencies. It increased against the Singapore dollar to 3.0451/0484 against last Friday’s 3.0490/0531 but fell against the Japanese yen to 3.7651/7681 from 3.7379/7425. The local unit strengthened against the British pound to 5.2907/2957 from 5.2919/2986 and appreciated against the euro to 4.7661/7704 from 4.7758/7808 previously. -- BERNAMA