KUALA LUMPUR, March 4 — The ringgit finished easier against the US dollar today, weighed by weaker oil prices despite Bank Negara Malaysia’s decision to maintain the Overnight Policy Rate (OPR) at 1.75 per cent, a dealer said.

At 6pm, the ringgit fell to 4.0550/0600 against the greenback from 4.0490/0530 at Wednesday’s close.

Axi chief global market strategist Stephen Innes said the local noted had indicated a favourable tone yesterday after the government eased mobility restrictions across most states.

At the time of writing, Brent crude fell 0.28 per cent per cent to US$63.89 per barrel.  

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Meanwhile, OANDA Asia Pacific senior market analyst Jeffrey Halley said the central bank’s decision to keep the rate unchanged was expected particularly in the current Covid-19 pandemic situation.

“This will be a wise course of action given that any bond-driven US dollar strength would weigh on the ringgit. The ebbing of Covid-19 cases will provide BNM with the confidence to keep the monetary policy at current rate,” he said.

Meanwhile, the ringgit was traded higher against other major currencies.

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It rose against the Singapore dollar to 3.0416/0460 from 3.0446/0487 yesterday, went up versus the British pound to 5.6470/6556 from 5.6605/6673, and strengthened against the euro to 4.8786/8854 from 4.8993/9058 yesterday.

The local currency appreciated vis-a-vis the Japanese yen to 3.7774/7827 from 3.7877/7921 yesterday. — Bernama