KUALA LUMPUR, March 22 — The ringgit snapped a two-day winning streak last week to close lower against the US dollar today as the stronger greenback curbed risk appetite for emerging currencies, dealers said.
At 6pm, the local currency finished at 4.1120/1160 versus the US dollar compared with 4.1050/1100 at Friday’s close.
“Demand for the greenback backed by the rise in US bond yields and slump in oil prices coupled with heightened Sino-US tensions further weighed on sentiment in the local market,” a dealer said.
Speaking to Bernama, he said a tough stance showed by officials from the United States and China during the first high-diplomatic talks that took place in Alaska on Thursday last week signalled that the outlook for trade relations between these power houses remained challenged.
However, progress towards solving major economic sources of strain brought about by former president Donald Trump during term in office, including disputes over technology and trade, seemed unlikely, he added.
Meanwhile, the ringgit was traded mostly lower against a basket of major currencies.
It depreciated against the Singapore dollar to 3.0616/0663 from 3.0564/0603 on Friday, fell versus the Japanese yen to 3.7843/7883 from 3.7712/7762 and weakened against the euro to 4.8929/8985 from 4.8813/8884.
The local unit, however, strengthened vis-a-vis the British pound to 5.6964/7031 from 5.7150/7228 previously.
— Bernama
