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FOREX: Ringgit closes lower against US dollar
Last update: 12/07/2018

KUALA LUMPUR, July 12 (Bernama) -- The ringgit†closed†lower against the US dollar today as the greenback continued its uptrend following†reduced†demand for emerging market currencies amid†ongoing trade tensions, dealers said.

At 6 pm, the local note finished†at 4.0395/0425 against the greenback from Wednesday's†4.0370/0420.

A dealer said the local currency†remained†under pressure against the broadly stronger US dollar after the†US†inflation data reaffirmed expectations that the Federal Reserve would†hike interest rates two more times this year.

"With prospects of higher US interest rates boosting the greenback and fuelling concerns of capital outflows from the emerging markets, the ringgit could see further losses," the dealer said.

At the close, however, the local unit traded higher†against a basket of currencies.

The ringgit†appreciated against the Singapore dollar to 2.9643/9672 from 2.9651/9699 and rose†against the euro†to†4.7161/7212 from 4.7237/7312 on Wednesday.

It improved against the British pound to 5.3394/3438 from 5.3466/3552†and advanced versus the yen to†3.5926/5959 from†3.6297/6352†previously.

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OPENING, WEDNESDAY, JULY 18
US 4.0530/0600
S'pore 2.9686/9748
100 Yen 3.5867/5939
Sterling 5.3131/3235
Euro 4.7238/7327
Source: Bank Negara Malaysia

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