KUALA LUMPUR, Nov 8 -- The ringgit retreated from yesterday's gains to close lower against the US dollar today, as positive sentiment on the US-China trade negotiations shifted investors’ appetite back to safe-haven currencies, dealers said.
At 6 pm, the ringgit was quoted at 4.1310/1360 against the greenback from 4.1225/1255 on Thursday.
A dealer said that the greenback had regained its momentum on news that China and the US agreed to roll back tariffs as part of a potential preliminary pact to end their trade war.
However, a news report today stated that there is still some scepticism about a trade deal as officials inside and outside the White House have bristled at the notion of giving up punitive tariffs.
Meanwhile, the local note traded higher against other major currencies.
The ringgit strengthened against the Singapore dollar to 3.0377/0418 from 3.0382/0408 on Thursday and went up against the yen to 3.7774/7830 from 3.7797/7828.
It appreciated against the British pound to 5.2906/2986 from 5.3036/3095 and increased versus the euro to 4.5594/5666 from 4.5661/5706.