KUALA LUMPUR, Nov 14 — The ringgit closed lower against the US dollar today after a higher opening, weighed down by negative sentiment over the decline in the oil prices, a dealer said.
Oil prices slipped due to news reports that the US was expected to increase output.
At 6pm, the local unit was traded at 4.1925/1955 against the greenback from 4.1900/1930 on Monday.
As for greenback, FXTM Research Analyst, Lukman Otunuga, said US dollar was becoming increasingly sensitive to expectations of proposed US tax reforms.
“Any positive or negative news on these developments has the ability to spark volatility,” he said.
The ringgit fell against a basket of major currencies except the yen.
It dipped against the Singapore dollar to 3.0793/0824 from 3.0755/0799 yesterday, edged down against the British pound to 5.4901 from 5.4793/4844 on Monday and declined versus the euro to 4.9119/9171 from 4.8767/8819 yesterday.
It strengthened vis-a-vis the yen to 3.6847/6884 from 3.6955/6992 on Monday. — Bernama