The ringgit yielded to the pressure of increased demand for the greenback to close the day lower today.

At 6pm, the local currency fell to 4.4570/4.4600 versus the greenback from last Friday’s close of 4.4490/4.4520.

SPI Asset Management managing partner Stephen Innes said the development in the US and the Covid-19 situation in China has dampened sentiment for emerging currencies, including the ringgit.

On the other hand, the ringgit closed higher against a basket of major currencies.

The local currency edged up against the euro to 4.5408/4.5438 from 4.5513/4.5544 last Friday and improved vis-a-vis the Japanese yen to 3.3010/3.3035 from 3.3459/3.3484 previously.

It went up against the Singapore dollar to 3.2309/3.2333 from last Friday’s 3.2330/3.2355 and advanced versus the British pound to 5.3872/5.3908 from 5.3989/5.4025 previously.