KUALA LUMPUR, Aug 27 — The ringgit closed lower against the US dollar today as investors shifted their interest towards the greenback amidst rising optimism in the United States (US)-China trade talks.
At 6pm, the local currency was quoted at 4.1700/1750 against the greenback from 4.1680/1720 yesterday.
A dealer said the greenback is reversing its recent pullback due to rising optimism in the US-China trade front after recent talks between negotiators from both countries, coupled with the progress in the Phase One deal.
“Market players are also expecting US Federal Reserve (Fed) chairman Jerome Powell to reveal key conclusions of the Fed’s framework review at the Jackson Hole Symposium later today.
“The market expects Powell to at least suggest that the Fed is willing to aim for inflation that is above its two per cent target, which can potentially provide a boost to the greenback,” he added.
Meanwhile, the ringgit was traded lower against other major currencies.
It declined against the Singapore dollar to 3.0532/0575 from 3.0472/0513 yesterday and was lower against the yen at 3.9336/9387 from 3.9213/9262 previously.
The ringgit fell against the British pound to 5.5069/5152 from 5.4784/4853 yesterday and weakened against the euro to 4.9302/9378 from 4.9249/9301 previously. — Bernama