KUALA LUMPUR, Feb 14 — The ringgit closed lower against the US dollar today on weaker demand as traders keenly awaited the outcome of the latest round of high-level trade talks between the United States and China.
At the close, the ringgit fell to 4.0740/0780 against the US dollar from 4.0650/0690 yesterday.
In a note, FXTM global head of currency strategy and market research Jameel Ahmad said the ringgit remained exposed to major global risks that could significantly shape market sentiment, such as US-China trade tensions, moderating growth in China, and also the US Federal Reserve’s path on monetary policy.
“Should the external picture show further signs of deterioration, that may put downward pressure on the local currency moving forward.
“From a technical perspective, USDMYR may see its immediate resistance line at the 4.0872 mark, its 200-day moving average. A sustained breach below Wednesday’s close of 4.0675 may open a path towards the psychologically-important 4.05 level,” he added.
Meanwhile, the ringgit was traded higher against other major currencies.
It rose against the Singapore dollar to 2.9980/0014 from 2.9982/0016 and improved against the yen to 3.6703/6742 from 3.6724/6764.
It increased against the euro to 4.5881/5947 from 4.6016/6073 and appreciated against the British pound to 5.2282/2353 from 5.2382/2437 yesterday. — Bernama
