Ringgit ends easier against US dollar

September 18, 2018 | By | Reply More

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KUALA LUMPUR: The ringgit ended lower against the US dollar today as investors’ demand receded amid market rifts incited by the US-China trade war, said a dealer.

At 6pm, the local unit declined to 4.1410/1450 against the greenback from 4.1370/1400 on Friday.

Oanda head of trading for Asia-Pacific Stephen Innes said the markets were back on the risk roller-coaster as news headline overload had been dominating the Asian session.

“First, the United States Trade Representative tariff announcement had a bit more sting than expected due to the graduated settings —10% now, then up to 25% in January 2019 — which suggests the US is looking to talk but also President Donald Trump is not willing to cede the upper hand.

“Then confusion reigns as (first, a headline said) ‘China Says Cooperation Is Only Right Choice For China’, followed by (a report headlined) ‘China Likely Will Not Send Trade Delegation To Washington’, which tugged risk every which way but loose and left traders chasing their tail most of the session,” he told Bernama.

The ringgit was also lower against a basket of currencies.

The local currency depreciated against the yen to 3.6967/7012 against last Friday’s 3.6934/6974 and fell against the euro to 4.8354/8414 from 4.8196/8235 previously.

It weakened against the Singapore dollar to 3.0202/0242 from 3.0114/0140 last Friday and declined against the British pound to 5.4359/4428 from 5.4191/4234 previously. — Bernama

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