Ringgit ends lower on subdued demand

KUALA LUMPUR: The ringgit reversed yesterday's gains to close lower against the US dollar today and dampened by subdued demand, dealers said.
At 6pm, the local unit stood at 4.4350/4380 against the greenback compared to 4.4295/4325 on Wednesday.
A dealer said the ringgit's decline was in tandem with most emerging Asian currencies as sentiment was continuously weighed on by concerns over the United States-China summit later today.
He said the market anticipated President Donald Trump and his Chinese counterpart Xi Jinping to possibly address trade issues between the world's two largest economies, which could have an impact on the rest of the world.
Against a basket of other major currencies, the ringgit traded mostly lower, except against Singapore dollar in closing slightly higher at 3.1620/1659 from 3.1637/1665 on Wednesday.
The ringgit fell against the yen to 4.0045/0076 from 3.9941/9986, eased against the British pound to 5.5344/5386 from 5.5280/5331 and depreciated against the euro to 4.7304/7345 from 4.7254/7290. — Bernama