Ringgit ends lower against US dollar

Malaysian ringgit notes against US dollar background

KUALA LUMPUR: The ringgit extended last Friday’s losses to close weaker against the US dollar today on continued selling, as more investors turned towards safe haven currencies, a dealer said.

At 6pm, the ringgit stood at 4.1780/1820 versus the greenback from Friday’s closing of 4.1730/1770.

The dealer said the dollar was higher after the United States reported healthy economic growth of 3.5 per cent in the third quarter, with inflation being low and consumer spending seeing a surge, which in turn boosted investors’ interest.

Meanwhile, another dealer said the ringgit would trade cautiously this week while the market waited for more clues on the policy front as well as the upcoming Budget 2019 announcement on Friday.

The local unit also traded mostly lower against other major currencies, except the Japanese yen.

The ringgit fell against the Singapore dollar to 3.0218/0258 from 3.0154/0189 on Friday and, vis-a-vis the euro, depreciated to 4.7537/7600 from 4.7384/7438.

It decreased against the British pound to 5.3562/3630 from 5.3419/3495 on Friday, but appreciated against the Japanese yen to 3.7247/7286 from 3.7282/7321.