KUALA LUMPUR: The ringgit retreated from last week’s gains to close marginally lower against the US dollar today, in line with other emerging currencies.
According to dealers, discussions about the US interest rate had caused an increase in the number of investors seeking safe havens.
At 6 pm, the local note slipped to 4.7150/7195 against the greenback from Friday’s close of 4.6930/6970.
A dealer said investors were awaiting comments from Federal Reserve chief Jerome Powell, who is scheduled to speak at a roundtable discussion later today, alongside the Federal Reserve Bank of Philadelphia president Patrick Harker.
He said investors will also be paying attention to the release of the latest foreign exchange figures from Indonesia, Malaysia, Thailand, Philippines and South Korea for signs of intervention.
The ringgit was traded higher versus a basket of major currencies except for the Japanese yen. It went down against the yen to 3.1492/1524 from 3.1482/1511 at Friday’s close.
It rose against the euro to 4.9677/9725 from 4.9802/9845 on Friday and appreciated vis-a-vis the British pound to 5.7358/7413 from 5.7522/7571.
The local note was also traded mixed against other Asian currencies.
It increased versus the Thai baht to 12.7626/7796 from 12.8808/8964 on Friday and almost flat against the Indonesian rupiah to 303.5/304.0 from 303.5/303.9 previously.
It was easier against the Philippine peso at 8.30/8.31 compared with Friday’s closing of 8.29/8.30 and strengthened vis-a-vis the Singapore dollar to 3.4373/4409 from 3.4457/4489 previously. - Bernama