Ringgit ends lower as US dollar strengthens

02 Aug 2018 / 21:33 H.

    KUALA LUMPUR: The ringgit remained lower against the US dollar for the third consecutive day today as renewed trade war worries between the United States and China bolstered appetite for the safe-haven currency, dealers said.
    At 6pm, the ringgit closed at 4.0740/0780 against the greenback versus 4.0640/0680 yesterday.
    US President Donald Trump's administration on Wednesday confirmed that it was considering the option to impose a 25% tariff on US$200 billion (RM814 billion) worth of imported Chinese goods, higher than 10% proposed earlier.
    "Worries are building up and this could further escalate trade tension and push demand away from emerging currencies including ringgit," a dealer told Bernama.
    He said the US Federal Reserve was upbeat on the economy, calling it 'strong' and this coupled with unchanged interest rates, after the two-day Federal Open Market Committee, boosted sentiment for the greenback.
    Meanwhile, the ringgit was traded mostly higher against other major currencies.
    It appreciated against the Singapore dollar to 2.9805/9838 from 2.9843/9881 on Wednesday, rose versus the British pound to 5.3284/3352 from 5.3316/3376 and increased vis-a-vis the euro to 4.7303/7358 from 4.7472/7539.
    The local currency, however, depreciated against the Japanese yen to 3.6528/6574 from 3.6279/6325 yesterday. — Bernama


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