Ringgit closes lower against US dollar

KUALA LUMPUR: The ringgit closed lower against the US dollar today, as the greenback firmed, supported by relatively solid US economic data and uncertainties surrounding the Coronavirus outbreak, a dealer said.

At 6pm, the ringgit was quoted at 4.1150/1200 against the US dollar from 4.1080/1110 on Tuesday.

The dealer said the greenback was upbeat on improved sentiment towards risky assets and higher US yields, following easing concerns over the Wuhan coronavirus impact after China said it would take measures to contain the spread of the virus.

Meanwhile, he said Asian currencies mostly fell today in anticipation of measures by central banks in the region to limit the economic impact of the virus outbreak.

“The expectation of rate cuts gave stocks a leg-up but put pressure on currencies,” he added.

Against other major currencies, the ringgit was traded mostly higher, except the British pound.

It rose against the Singapore dollar to 2.9817/9857 from 2.9970/0001 on Tuesday and appreciated vis-a-vis the Japanese yen to 3.7511/7560 from 3.7654/7691 yesterday.

The local currency also strengthened against the euro to 4.5364/5435 from 4.5410/5459 yesterday but fell against the British pound to 5.3767/3836 from 5.3466/3521. - Bernama