Ringgit closes lower against US dollar

KUALA LUMPUR: The ringgit closed lower against the US dollar as the greenback continued its uptrend after growing optimism emerge over the likelihood of the US Senate passing the tax-reform bill.
At 6pm, the local unit was quoted at 4.0870/0890 against the US dollar from 4.0860/0890 on Thursday.
Oanda Corp Head of Trading for Asia Pacific Stephen Innes said speculation that the US Federal Reserve would fast-track the decision to hike interest rates, at its policy meeting on Dec 12-13, also presented some near-term headwinds for the ringgit.
"The market also lacked buying support ahead of the release of the much anticipated non-farm payroll report later today.
"Furthermore, the year-end holidays is approaching and many investors will be winding down their positions," he told Bernama.
Against a basket of major currencies, the ringgit was traded mostly higher, except against the British pound.
It rose against the Singapore dollar to 3.0191/0217 from 3.0255/0298 on Thursday, advanced against the yen to 3.5983/6011 from 3.6265/6301 and appreciated against the euro to 4.7961/7997 from 4.8170/8209, yesterday.
The local note was traded lower against the pound at 5.5076/5107 from 5.4667/4719 on Thursday. — Bernama