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Ringgit†closes lower against US dollar on weak buying interests
Last update: 16/04/2018

By Rosemarie Khoo Mohd Sani

KUALA LUMPUR, April 16 (Bernama)†-- The ringgit†extended last Friday's losses to close†lower against the US dollar today on weak buying interests, tracking the regional sentiments which remained clouded amid geopolitical and trade tensions, dealers said.†

At 6 pm, the ringgit†was quoted at 3.8865/8905†compared with Friday's close of 3.8785/8815.

OANDA's Head of Trading in Asia-Pacific, Stephen Innes,†said the Malaysian bond and currency markets would likely remain quiet but trade defensively as†the 14th†General Election nears.††

"While oil prices continue to support the ringgit, there is†no escaping the escalating geopolitical tensions and possible trade war escalation which continues to bubble under the surface," he told Bernama.†

He said with a near-term bottom in place around 3.87 for the ringgit, traders were†taking to the sidelines waiting for better levels to buy the ringgit.†

"However, until the regional risk sentiment improves, the ringgit and other Asian currencies†will continue to struggle over the near term.

"We should expect ringgit†to consolidate at the upper end of near term ranges between 3.88 and 3.90 against the greenback," said Innes.†

The ringgit†was traded lower against a basket of major currencies.

It eased against the Singapore dollar to†2.9634/9669†from 2.9573/9603 on Friday and†depreciated against the yen to†3.6251/6292 from 3.6042/6080 last Friday.†

The ringgit†declined†against†euro†to†4.8049/8110 from 4.7837/7878 last week and versus†the British pound,† it fell†to 5.5585/5646 from 5.5393/5451†previously.



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US 3.9960/4.0000
S'pore 2.9561/9592
100 Yen 3.6393/6440
Sterling 5.3011/3068
Euro 4.6489/6544
Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?

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