KUALA LUMPUR, May 22 ― The ringgit retreated from yesterday’s gains to trade slightly lower against the US dollar in the early session today, as heighten tension between the United States and China prompted investors to return to safe-haven currencies, dealers said.
As at 9.01am today, the local note was quoted at 4.3500/3550 compared with yesterday's close of 4.3400/3480.
Meanwhile, a dealer said the Price Manufacturing Index (PMI) reports across the globe reinforced early signs of a global recovery of which it should be no surprise considering that a complete economic shutdown in April and any recovery in May will be significant.
Against a basket of benchmark currencies, the ringgit traded lower.
The local currency weakened against the Singapore dollar to 3.0671/0727 from yesterday's 3.0650/0713 and declined versus the Japanese yen to 4.0382/0436 from 4.0256/0341.
The ringgit also edged lower also against the euro to 4.7624/7683 from 4.7562/7667 and depreciated against the British pound to 5.3187/3266 from 5.3061/3180 previously. ― Bernama
