Ringgit closes moderately lower against US dollar

KUALA LUMPUR, Feb 5 — The ringgit retreated from last week’s gains to close moderately lower against the US dollar today on mild profit taking as some investors shifted their interest to safe haven currencies, a dealer said.

At 6pm, the local note ended at 3.8980/9010 against the greenback from 3.8850/8880 on Friday.

The dealer said the US dollar gained some support after the US payroll report showed on Friday that wages grew at their fastest pace in more than eight years.

However, the positive data suggested that the greenback had weakened “too far, too fast” thus raising concern among investors.

The ringgit closed mostly lower against a basket of major currencies.

It eased against the Singapore dollar to 2.9600/9634 from Friday’s 2.9575/9618 and appreciated versus the yen to 3.5469/5502 from 3.5354/5387 previously.

It fell against the euro to 4.8565/8618 from 4.8508/8553 on Friday but appreciated against the British pound to 5.5020/5070 from 5.5229/5283 previously. — Bernama

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