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Ringgit closes lower against US dollar

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Ringgit opens higher against US dollar
Kuala Lumpur
– The ringgit finished lower against the US dollar today on lack of market demand for the local note, a dealer said.

At 6pm, the local unit was quoted at 4.2910/2940 against the greenback from yesterday’s close of 4.2905/2945.

A dealer said the softer ringgit was weighed down by crude oil prices, which underwent choppy trading on Friday, due to the production cut decision by the Organisation of Petroleum Exporting Countries.

“However, the fall was capped by the US Federal Reserve’s dovish stance on interest rate increases,” he said.

At the close, the ringgit was traded mostly lower against other major currencies.

It slipped against the Singapore dollar to 3.1210/1243 from 3.1149/1190 yesterday and eased against the pound to 5.5624/5667 from 5.5442/5511, yesterday.

The local note declined against the euro to 4.8977/9016 from 4.8890/8949 yesterday.

However, it strengthened against the yen to 3.7886/7926 from 3.7969/8015, previously. — Bernama