Malaysian Ringgit Lower Versus US Dollar

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KUALA LUMPUR, July 12 (Bernama) -- The Malaysian ringgit was lower versus the US dollar at Thursday's opening on lack of demand for the local note, a dealer said.

At 9.00 am, the ringgit was quoted at 4.0440/0470 against the US dollar compared with 4.0370/0420 recorded at Wednesday’s close.

The dealer said the US dollar was traded higher on prospects of another round of US tariffs directed at China.

“We see now with US President Donald Trump's announcement of the new 10 per cent tariff to be imposed on a list of US$200 billion worth of Chinese imports, the greenback has received a boost,” he said.

On the local front, Bank Negara Malaysia held a very even tone at yesterday's Monetary Policy Committee (MPC) meeting favouring policy continuity, he said.

The central bank yesterday, via its fourth MPC meeting, has kept its Overnight Policy Rate (OPR) at 3.25 per cent.

It said at the current OPR level, the degree of monetary accommodativeness is consistent with the intended policy stance.

Against a basket of major currencies, the ringgit traded higher.

It rose against the Singapore dollar to 2.9629/9661 from 2.9651/9699, and strengthened against the yen to 3.6065/6102 from 3.6297/635 on Wednesday.

The ringgit was higher against the euro at 4.7222/7261 from 4.7237/7312, and rose against the British pound to 5.3389/3445 from 5.3466/3552.