Ringgit remains lower versus US Dollar


KUALA LUMPUR: The ringgit remained lower against the US dollar for the second consecutive day today as sentiment was weighed by the stronger greenback amid a lack of domestic catalyst to lift the local currency, dealers said.

At 6 pm, the ringgit finished at 4.1200/1250 versus the US dollar compared with 4.1120/1160 yesterday.

A dealer said investors digested fresh comments from top US policy makers to gauge how far they would allow bond yields to harden, thus lifting appetite for the safe-haven currency.

He said the market would closely watch congressional testimony by US Federal Reserve chairman Jerome Powell and Treasury Secretary Janet Yellen later on Tuesday as the next market catalyst.

Meanwhile, the ringgit was traded mostly lower against a basket of major currencies.

It depreciated marginally against the Singapore dollar to 3.0673/0717 from 3.0652/0689 on Monday, little change versus the Japanese yen to 3.7909/7966 from 3.7843/7883 and weakened against the euro to 4.8983/8059 from yesterday’s 4.8929/8985.

The local unit, however, strengthened vis-a-vis the British pound to 5.6749/6834 from 5.6964/7031 yesterday. — Bernama



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