ID :
379229
Thu, 09/03/2015 - 14:03
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Ringgit Ends Lower Against US Dollar

By Siti Radziah Hamzah KUALA LUMPUR, Sept 3 (Bernama) -- The ringgit closed lower against the US dollar Thursday ahead of the release of the overnight policy rate by Malaysia's Central Bank next week, said a dealer. At 5pm, the ringgit was quoted at 4.2430/2480 against the greenback from 4.2070/2150 on Wednesday. The weaker domestic unit was also in tandem with the regional currencies on concerns about global growth and declining oil prices. Brent crude oil was traded 20 cents lower at US$50.30 a barrel Dean of Business School at the Malaysia University of Science and Technology, Dr Yeah Kim Leng, said the currency market, especially the ringgit, had been vulnerable to negative news in the global market. He expected the ringgit to continue experience volatility as part of adjustments to external factors, including uncertainty in global crude oil market and potential slowing economic growth in China. "Domestically, we need to reassure the market that Malaysia's financial system remains resilient to cope with the fluctuation in ringgit including the current overshooting," he told Bernama. Earlier, Prime Minister Najib Razak said Malaysia's economy now was far stronger and resilient and able to weather any headwinds than during the 1997/98 financial crisis, due to various reforms taken by the government. The ringgit was also traded lower against other major currencies. It declined against the Singapore dollar to 2.9952/9006 from Wednesday's 2.9736/9803 and fell against the yen to 3.5270/5318 from 3.5096/5178 Wednesday. The local unit depreciated against the pound sterling to 6.4723/4816 from Wednesday's 6.4346/4477 and eased against the euro to 4.7683/7756 from 4.7455/7549 previously. -- BERNAMA

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