Ringgit ends flat against US dollar

KUALA LUMPUR, June 17 — The ringgit ended the week flat against the US dollar today in a choppy market as most market participants stayed on the sidelines rather than take a major position, dealers said.

At 5pm, the ringgit remained unchanged at 4.0970/0030, moving between 4.0960 and 4.1080 throughout the day.

A dealer said the market was also showing caution towards expectations whether the UK would leave the European Union (Brexit) as it could affect not only the UK, but also the global economy, including the foreign exchange market.

“Most major markets have felt the burn from the Brexit woes with Europe under immense pressure as concerns heighten that it could trigger an undesirable domino effect which could encourage other countries to leave the European Union.

“The Brexit fears and concerns over global instability have left most central banks on a standstill with the Bank of England and the Fed remaining on the fence,” FXTM research analyst Lukman Otunuga said in a statement.

He said the Brexit polls go beyond the borders and Europe with everyone feeling the pinch as uncertainty continues to mount ahead of the June 23 referendum.

Back home, the ringgit traded mixed against other major currencies.

It depreciated against the Singapore dollar to 3.0332/0397 from 3.0312/0377 yesterday and decreased against the British pound to 5.8550/8652 from 5.8038/8135.

However, the ringgit appreciated against the yen to 3.9277/9350 from 3.9330/9403 and firmer versus the euro at 4.6112/6196 from 4.6128/6212, yesterday. — Bernama

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