Ringgit closes higher against US dollar for 2nd consecutive day

August 7, 2018 | By | Reply More

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KUALA LUMPUR: The ringgit closed higher against the US dollar for the second consecutive day after hitting the lowest point this year in early trade, dealers said.

At 6pm, the ringgit closed at 4.0740/0790 against the greenback versus 4.0770/0820 on Monday.

A dealer said the ringgit depreciated to 4.0860 in early trade, its lowest since Dec 27, 2017, before recovering on mild buying interest despite weaker regional sentiment and trade tension.

“Most regional currencies weakened against the greenback after US reintroduced sanctions on Iran, adding to the already bearish sentiment escalating from trade tensions between Beijing and Washington,” he said.

Meanwhile, the ringgit was mostly lower against other major currencies.

It depreciated against the Singapore dollar to 2.9842/9881 from 2.9840/9887 on Monday and eased versus the Japanese yen to 3.6640/6692 from 3.6631/6679.

The local currency strengthened against the British pound to 5.2819/2905 from 5.2854/5935 but decreased vis-a-vis the euro to 4.7218/7284 from 4.7134/7208 yesterday. — Bernama

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