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KUALA LUMPUR, April 27 — The ringgit closed flat against the US dollar today due to muted demand for the local note, amid firmer crude oil prices, an analyst said.
At 6pm, the local currency stood at 4.0960/0990 against the greenback from Monday’s close of 4.0960/1000.
ActivTrades trader Dyogenes Rodrigues Diniz said investors will be keeping an eye this week on US Consumer Confidence data for April, which is the most important driver for the US dollar.
“The Consumer Confidence data is an indicator to measure the level of consumer spending in an overall economic activity that would play a major role in currency movement,” he told Bernama.
Nevertheless, he said a break below the 4.10 level could mean new momentum to the downside of the US dollar, hence, the ringgit could gain even more strength against the greenback in the next few days.
At the time of writing, the benchmark Brent crude oil price rose 0.73 per cent to US$66.13 per barrel.
Meanwhile, the ringgit was traded higher against other major currencies.
The local note rose against the Singapore dollar to 3.0883/0908 from Monday’s 3.0890/0932 and improved versus the Japanese yen to 3.7824/7856 from 3.8017/8058 yesterday.
It appreciated marginally against the euro to 4.9410/9463 from 4.9545/9602 and strengthened against the British pound to 5.6865/6923 from 5.6992/7056 previously. — Bernama