KUALA LUMPUR, March 26 — The ringgit closed lower against the US dollar on improved demand for the greenback amid lower prices for commodities such as palm oil, said a dealer.
At 6pm, the local currency was traded at 4.0700/0730 compared with Monday’s close of 4.0670/0700.
“The US dollar gained its support following a slowdown of decline in US equities coupled with the possibility that the US Federal Reserve is taking a more dovish approach.
“On the local front, Malaysia meanwhile faces challenges with the trade uncertainty with the European Union (EU) over the palm oil trade dispute and the Philippines, which is planning a temporary ban on Malaysia’s and Indonesia’s palm oil. This is also pressuring the local note,” the dealer told Bernama.
The ringgit traded mostly lower against a basket of other major currencies.
It eased against the Singapore dollar to 3.0130/0164 from Monday’s 3.0106/0139 and declined against the British pound to 5.3740/3784 from 5.3579/3634.
Versus the euro, the ringgit marginally slid to 4.6060/6098 from 4.6030/6081 yesterday. However, it slightly recovered against the Japanese yen to 3.6869/6906 from 3.6896/6933. — Bernama
