Ringgit ends lower on weak demand

Investors favoured the greenback which surged to a five-month high after the US and China dropped their tariff threats and agreed to work on a wider trade deal. — Reuters pic
Investors favoured the greenback which surged to a five-month high after the US and China dropped their tariff threats and agreed to work on a wider trade deal. — Reuters pic

KUALA LUMPUR, May 21 — The ringgit closed lower against the US dollar today on lack of demand, a dealer said.

At 6pm, the local unit was quoted at 3.9780/9820 from 3.9700/9740 recorded at Friday's close.

The dealer said some investors favoured the greenback which surged to a five-month high after the US and China dropped their tariff threats and agreed to work on a wider trade deal.

“Despite higher oil prices, there are also political risks in Malaysia, particularly the discussion around the Goods and Services and Sales and Services Tax, and how credit agencies would view the drop in budget financing.

“This will provide some uncertainty for the ringgit,” he added.

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

The ringgit fell against the Singapore dollar to 2.9570/9606 from 2.9523/9557, but versus the yen, improved to 3.5744/5790 from 3.5769/5815  on Friday.

It appreciated against the British pound to 5.3329/3399 from 5.3516/3577 and gained against the euro to 4.6722/6785 from 4.6751/6806. — Bernama

Related Articles