KUALA LUMPUR: The ringgit remained unchanged against the US dollar on Friday, in line with other Asean currencies, amid a quiet market.AxiCorp global chief market strategist Stephen Innes said the major problem for the ringgit is the enduring safe-haven appeal of the dollar due to geopolitical concerns in Hong Kong and the omnipresent fear of an Asian Covid-19 resurgence.
“I was hoping for much higher oil prices this week but while things are moving in the right direction, prices are struggling at the current level. The ringgit needs a higher break even than current prices to push it below 4.25. “I suspect the July 4 long weekend will be in full swing in Asia trade today, so I expect another lazy day for the ringgit unless we get something completely unexpected,” he added.The local note rose against the British pound to 5.3370/3450 from 5.3597/3690 yesterday and strengthened versus the Singapore dollar to 3.0685/0738 from 3.0751/0799.
The ringgit was also stronger vis-a-vis the Japanese yen to 3.9823/9881 from 3.9857/9924 on Thursday but was lower against the euro at 4.8145/8214 from 4.8007/8068.