KUALA LUMPUR, Aug 6 — The ringgit fell as much as 0.29 per cent to its lowest level in more than two months against the US dollar, as investors remained concerned about the worsening US-China trade tensions.
At 6pm, the ringgit finished at 4.1890/1920 against the US dollar from 4.1770/1800 at yesterday’s close.
It was the local unit’s weakest performance since May 31, 2019 when it ended at 4.1890/1920 versus the greenback.
VM Markets Pte Ltd managing partner Stephen Innes said the continuous trade spat between the two economic super powers has also affected the oil and commodity markets, amid already slowing global demand.
“The oil price will remain under pressure due to escalating US-China trade tensions. The escalation is negative for global growth forecast and very negative for oil prices,” he told Bernama.
At 6.30pm, benchmark Brent Crude was at US$59.95 (RM251.22) per barrel compared with US$65.05 per barrel a week ago.
Meanwhile, against a basket of other major currencies, the local note traded lower.
It slid against the Singapore dollar to 3.0318/0350 from yesterday’s 3.0231/0264 and weakened against the yen to 3.9367/9406 from 3.9343/9389.
Vis-a-vis the pound, the local unit fell to 5.1123/1180 from 5.0684/0741, and it depreciated against the euro to 4.6917/6963 from 4.6561/6611. — Bernama
