Ringgit retreats against US dollar

The ringgit retreated from its recent gains to close lower against the US dollar today. — Reuters pic
The ringgit retreated from its recent gains to close lower against the US dollar today. — Reuters pic

KUALA LUMPUR, June 25 — The ringgit retreated from its recent gains to close lower against the US dollar today, as the greenback strengthened on trade war fears between the European Union (EU) and the United States.

At 6pm, the ringgit finished lower at 4.2750/2810 compared with 4.2700/2750 at yesterday’s close.

A dealer said Washington is weighing tariffs on around US$3.1 billion (RM13.3 billion) of goods imported from the United Kingdom, Germany, Spain and France such as olives, beer, gin, and planes.

“With the impending US-China trade deal, this new threat created cautious sentiment in the market that pulled investors to opt for the greenback as a safe-haven currency,” he told Bernama.

Meanwhile, the ringgit was traded higher against a basket of major currencies.

It rose against the Singapore dollar to 3.0716/0763 from 3.0744/0791 at Wednesday's close and appreciated versus the Japanese yen to 3.9875/9942 from 4.0083/0141 yesterday.

The local currency firmed vis-a-vis the British pound to 5.3177/3268 from 5.3413/3493 and increased against the euro to 4.7991/8067 from 4.8255/8329 previously. — Bernama

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