Ringgit extends losses to end lower against US dollar

At 6pm, the ringgit fell to 4.1920/1960 against the greenback compared with 4.1870/1900 at yesterday’s close. — AFP pic
At 6pm, the ringgit fell to 4.1920/1960 against the greenback compared with 4.1870/1900 at yesterday’s close. — AFP pic

KUALA LUMPUR, May 29 — The ringgit extended yesterday’s losses to close lower against the US dollar today, as growing concerns over the US-China trade dispute prompted investors to seek refuge in safe-haven assets, a dealer said.

At 6pm, the ringgit fell to 4.1920/1960 against the greenback compared with 4.1870/1900 at yesterday’s close.

He said the greenback’s performance was also supported by the weakening euro as the bearish outlook on Euro Area’s economy and political future resulted in investors shifting interest towards other currencies.

Another dealer said that investors’ focus now remained on the ongoing China-US trade war, with Chinese media reporting that China is looking to respond to the latest US tariff hike, a move that would escalate tensions between the world’s two largest economies.

The ringgit, meanwhile, traded mixed against a basket of major currencies.

It went up against the Singapore dollar to 3.0317/0357 from yesterday’s 3.0396/0420, but depreciated against the Japanese yen to 3.8353/8400 from 3.8283/8321.

The local unit weakened vis-a-vis the British pound to 5.2991/3050 from 5.2986/3045, but strengthened against the euro to 4.6758/6819 from 4.6844/6899. — Bernama