Malaysian Ringgit Closes Lower Against US Dollar

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KUALA LUMPUR, July 12 (Bernama) -- The Malaysian ringgit closed lower against the US dollar Thursday 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.