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FOREX: Ringgit closes lower against US dollar

Last update: 12/07/2018

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


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