Malaysian Ringgit Closes Lower Against US Dollar

KUALA LUMPUR, June 6 (Bernama) -- The Malaysian ringgit closed lower against the US dollar Tuesday on lack of demand for the local currency on the back of negative sentiment following declining oil prices, a dealer said. At 6 pm, the local unit was quoted at 4.2650/2680 against the greenback from Monday’s close of 4.2620/2650. The dealer said oil prices slipped with Brent crude futures trading at US$49.32 per barrel, down 15 cents. “This was spurred by a political rift in the Middle East, between Qatar and several Arab states, including Saudi Arabia, which could undermine efforts by the Organisation of the Petroleum Exporting Countries to tighten the oil market,” the dealer said. Against a basket of major currencies, the ringgit traded mixed. It rose against the Singapore dollar to 3.0868/0898 from 3.0880/0913 and depreciated to 5.5070/5121 from 5.5001/5057 compared with the British pound. The local unit fell against the yen to 3.8879/8910 from 3.8560/8590 and strengthened against the euro to 4.7973/7019 from 4.8007/8045. -- BERNAMA