Ringgit retreats to trade lower against US dollar

Malaysian ringgit notes in various denominations.

KUALA LUMPUR: The ringgit retreated from yesterday’s gains to trade lower against the US dollar in the early session today, as investors shifted back to the safe haven currencies due to new development on the Brexit negotiation, a dealer said.

At 9am, the ringgit declined to 4.0720/0760 against Wednesday’s close of 4.0640/0690.

The dealer said that the US dollar remained strong in line with an ongoing rise of pound sterling to seven-month highs after European leaders indicated they would consider delaying the UK’s departure if a trade deal is not agreed by March 29.

The ringgit traded mostly lower against other major currencies except for the Japanese yen.

It strengthened against the yen to 3.6721/6767 from 3.6798/6854 on Wednesday but decreased against the euro to 4.6319/6369 from 4.6301/6378.

Vis-a-vis the Singapore dollar, the local unit weakened to 3.0194/0228 from 3.0155/0197 and depreciated versus the British pound to 5.4211/4276 from 5.3970/3053 previously.