Ringgit closes weaker against US dollar

Ringgit notes are seen at a money changer in Kuala Lumpur November 11, 2016. — Picture by Hari Anggara
Ringgit notes are seen at a money changer in Kuala Lumpur November 11, 2016. — Picture by Hari Anggara

KUALA LUMPUR, May 9 — The ringgit closed weaker against the US dollar today on subdued demand amid uncertainties over the trade negotiations between the US and China later today, dealers said

At 6pm, the ringgit was lower at 4.1520/1550 to the greenback compared with 4.1470/1500 at yesterday’s close.

SPI Asset Management managing partner Stephen Innes said plans by the US to raise tariffs on US$200 billion worth of goods from China will play negatively into the ringgit, as the sectors exporting to China will continue to struggle.

“While it feels like we have had a reprieve today after the US announced a trade deal is still likely, the outlook for the ringgit remains clouded until such time the US starts the process of removing current tariffs even if a trade deal is signed,” said Innes.

Meanwhile, Brent crude, which is trading 0.11 per cent lower at US$70.29 per barrel, also continued to pressure the local unit.

The ringgit was traded mixed against other major currencies.

The local note traded slightly better against the Singapore dollar at 3.0447/0486 from Wednesday’s 3.0452/0479, and appreciated against the British pound to 5.3984/4040 from 5.4027/4075.

The local currency weakened vis-a-vis to the yen to 3.7831/7862 from 3.7700/7738, and decreased against the euro to 4.6482/6528 from 4.6455/6501. — Bernama

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