Ringgit closes lower against US dollar

Business Times

The ringgit continued its downtrend against the US dollar today, influenced by renewed concerns over the global economic outlook and in line with the weaker stock market performance, dealers said.

At 5pm, the ringgit was quoted at 3.3465/3480 versus the greenback from Friday's 3.3310/3340 close.

A dealer said currency traders were concerned over the outcome of the Federal Open Market Committee meeting and this has weighed on the market's risk appetite.

"The ringgit remains under pressure on concerns over the US quantitative easing tapering speculation," he said.

Against other major currencies, the ringgit was also traded lower.

The local unit depreciated against the Singapore dollar to 2.6210/6226 from 2.6040/6082 on Friday and eased against the yen to 3.2636/2667 from 3.2327/2369.

The ringgit, however, appreciated against the British pound to 5.5291/5322 from 5.5378/5441 on Friday but weakened against the euro to 4.5844/5871 from 4.5531/5579 last week.-- Bernama

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