Ringgit closes lower against US dollar

Malaysian ringgit notes against US dollar background

KUALA LUMPUR: The ringgit closed lower against the US dollar on lack of demand as the greenback continued its rally ahead of the release of a currency report by the US Treasury this week.

At 6pm, the local unit stood at 4.1540/1580 against the US dollar from 4.1530/1560 recorded on Friday.

OANDA Head of Trading for Asia-Pacific Stephen Innes said the foreign exchange market remained quiet as traders awaited the US Treasury to classify the Chinese’ yuan as a currency manipulator amid the ongoing trade tension between the US and China.

“Sentiment is negative surrounding Asian currencies and the ringgit is no exception despite the higher oil prices,” Innes told Bernama.

Meanwhile, the ringgit traded mostly lower against other major currencies, except against the British pound. It rose to 5.4617/4690 from 5.4861/4917 on Friday.

Against the yen, the ringgit fell to 3.7176/7225 from 3.6971/7008 and versus the Singapore dollar, it eased to 3.0171/0205 from 3.0149/0175.

The local note depreciated against the euro to 4.8132/8187 from 4.8092/8139 on Friday.