KUALA LUMPUR: The ringgit closed lower against the US dollar today on weaker demand for the local note and ahead of trade talks between the United States and China, slated to kick off on Thursday.
At the close, the ringgit stood at 4.0770/0800 against the US dollar from 4.0700/0750 on Monday
A dealer said the dollar remained firm as investors were seen steering away from emerging-market assets to see what emerges out of the trade talks.
Meanwhile, FXTM global head of currency strategy and market research Jameel Ahmad said market players were holding out hope that a deal would be struck between the two giant economies sooner rather than later.
This would be viewed as a potentially dollar-negative outcome and a significant driver to push global equity markets higher, improve demand for emerging markets and commodities like crude oil.
Against other major currencies, the ringgit was traded higher, except against the Singapore dollar, where it fell to 3.0004/0031 from 2.9953/0001 yesterday.
The ringgit rose against the yen to 3.6876/6913 from 3.6913/6961, increased against the euro to 4.5960/6010 from 4.5999/6060 and appreciated against the British pound to 5.2369/2428 from 5.2495/2576 on Monday. — Bernama