Ringgit ends lower versus US dollar

Malaysian ringgit notes are seen among US dollar bills in this photo illustration taken in Singapore August 24, 2015. At 6pm, the ringgit was quoted at 4.1520/1550 against the greenback from yesterday’s close of 4.1410/1440. — Reuters pic
Malaysian ringgit notes are seen among US dollar bills in this photo illustration taken in Singapore August 24, 2015. At 6pm, the ringgit was quoted at 4.1520/1550 against the greenback from yesterday’s close of 4.1410/1440. — Reuters pic

KUALA LUMPUR, Nov 13 — The ringgit ended lower against the US dollar, in line with most Asian currencies, amid weak sentiment due to uncertainties of a trade deal between the United States and China, said a dealer.

At 6pm, the ringgit was quoted at 4.1520/1550 against the greenback from yesterday’s close of 4.1410/1440.

AxiTrade chief Asia market strategist Stephen Innes said traders were suffering a bit of trade talk fatigue and might sit tight until the deal is brokered.

“I am still optimistic one will be done but not sure how much of an impact in the absence of a tariff rollback it will ultimately have on sentiment,” he told Bernama.

Innes added that the ringgit was impacted by twin factors namely US bond yields and the movement of yuan. 

“It has not been a good day for regional risk in any shape or form. We respect the tight correlation to the yuan, as the yuan started to turn sour last Friday when US President Donald Trump first denied he was going to roll back tariffs.

“The market guessed he was motivated to put a deal together but now that optimism is waning as investors shun riskier asset in favour of US capital markets. But US bond yields are much higher than they were only two weeks ago and that is also supporting the US dollar,” he added.

Meanwhile, the local note traded lower against other major currencies.

The ringgit fell against the Singapore dollar to 3.0464/0498 from 3.0415/0448 yesterday and went down against the yen to 3.8123/8158 from 3.7932/7966 yesterday.

It weakened against the British pound to 5.3357/3413 from 5.3158/3213 and declined against the euro to 4.5726/5776 from 4.5679/5729. — Bernama

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