Ringgit weighed down by weak sentiment at closing

This photo illustration shows Malaysian ringgit banknotes in Kuala Lumpur on June 29, 2015. — AFP pic
This photo illustration shows Malaysian ringgit banknotes in Kuala Lumpur on June 29, 2015. — AFP pic

KUALA LUMPUR, Nov 11 — The ringgit continued last week’s downtrend to close lower against the US dollar today, dampened by weak market sentiment amid declining crude oil prices, a dealer said.

At 6pm, the ringgit was quoted at 4.1421/1450 versus the greenback from Friday’s close of 4.1310/1360.

The dealer said the market sentiment was a bit poor due to the uncertainties in the United States (US)-China trade talks after President Donald Trump did not commit to rolling back the tariffs and the release of China’s weaker inflation data.

On Friday, Trump denied that he had agreed to roll back tariffs as sought by China, contradicting previous reports of officials from both countries confirming the “phase one” trade deal.

As of 6.30pm, benchmark Brent crude fell 1.10 per cent to US$61.82 per barrel on renewed caution over the prospect of a trade deal between the two economic giants.

The local note also traded lower against other major currencies.

The ringgit fell against the Singapore dollar to 3.0425/0451 from 3.0377/0418 last Friday and went down against the yen to 3.8008/8045 from 3.7774/7830.

It slipped against the British pound to 5.3023/3077 from 5.2906/2986 and decreased versus the euro to 4.5679/5728 from 4.5594/5666. — Bernama

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