KUALA LUMPUR, Aug 13 — The ringgit closed lower against the US dollar as concern over global economic slowdown spurred appetite for the greenback, dealers said.
At 6pm, the ringgit finished at 4.1960/1990 against the US dollar from Friday’s close of 4.1830/1860.
A dealer said risk assets remained under pressure as tensions between the United States and its major trading partners continued to build up.
“This prolonged tension is not good for emerging currencies such as the ringgit, as the uncertain situation will make investors opt for safe havens like the US dollar and (Japanese) yen,” he told Bernama.
Tension between US and China is heating up again after US President Donald Trump threatened to impose a 10 per cent tariff on US$300 billion (RM1.2 trillion) worth of imports from China starting on September 1.
Meanwhile, the ringgit was traded mixed against a basket of major currencies.
It rose against the Singapore dollar to 3.0213/0252 from 3.0259/0285 recorded last Friday, and increased versus the British pound to 5.0633/0703 from 5.0652/0705.
The local currency, however, depreciated against the Japanese yen to 3.9905/9945 from Friday’s 3.9522/9561 and decreased vis-a-vis the euro to 4.7016/0654 from 4.6858/6908 previously.
The market was closed yesterday in lieu of Hari Raya Aidiladha which fell on Sunday. — Bernama
