Ringgit At Seven-Month Low Against US Dollar

KUALA LUMPUR, Oct 12 -- The ringgit closed at a seven-month low against the US dollar weighed by pressure from falling government bond prices. At 6 pm, the ringgit was quoted at 4.1900/2000 against the greenback from 4.1700/1750 on Tuesday. A dealer said bond prices weakened as foreign investors trimmed their holdings as shown by data released by Bank Negara Malaysia. "Foreign investors cut the country's bond holdings in September. They may reduce more Malaysian bond holdings given the probability of a hike in US interest rates," he said. The local note was traded mostly lower against other major currencies. It depreciated against the Singapore dollar to 3.0318/0395 from Tuesday's 3.0235/0273 and weakened against the Japanese yen to 4.0448/0552 from 4.0135/0198 Tuesday. The ringgit eased against the British pound to 5.1294/1437 from 5.1283/1369 on Tuesday but appreciated against the euro to 4.6165/6288 from Tuesday's 4.6320/6380. --BERNAMA