Ringgit closes lower against US dollar

June 6, 2018 | By | Reply More

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KUALA LUMPUR: The ringgit closed lower against the US dollar today discouraging sentiment prompted by news that Bank Negara Malaysia (BNM) Governor Tan Sri Muhammad Ibrahim had resigned, dealers said.

At 6pm, the local unit was quoted at 3.9720/9750 against the greenback from Tuesday’s close of 3.9700/9750.

A dealer said the ringgit bucked regional trends, which saw emerging currencies strengthen against the greenback, as investors turned cautious following news of the resignation.

“The ringgit weakened after Prime Minister Tun Dr Mahathir Mohamad accepted the governor’s offer to resign and that no replacement had been named yet.”

Against a basket of currencies, the local unit was traded mostly lower.

It eased against the Singapore dollar to 2.9789/9813 from 2.9749/9791 on Tuesday but rose vis-a-vis the yen to 3.6047/6087 from yesterday’s 3.6163/6219.

The ringgit declined against the British pound to 5.3332/3380 from 5.3115/3197 and depreciated against the euro to 4.6746/6794 from 4.6453/6523 yesterday. — Bernama

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