Ringgit weakens as US-China trade talks continue in London
KUALA LUMPUR: The ringgit depreciated against the US dollar today as market attention remained fixed on the second day of United States-China trade discussions in London.
At 6 pm, the local note fell to 4.2360/2420 versus the greenback, down from Monday's close of 4.2290/2345.
UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said across broader markets, foreign exchange volatility is gradually subsiding, and in subdued trading conditions, investors appear to be allocating capital towards currencies offering elevated yields.
Meanwhile, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that the ringgit continues to maintain its range-bound trade as uncertainties remain.
'The US Dollar Index (DXY) appears to be gaining some strength today, rising by 0.24 per cent to 99.174 points as fear over a slowing economy receded following the nonfarm payrolls (NFP) results last Friday and optimism over trade negotiations between the US and China,' he told Bernama.
At the close, the ringgit traded mostly higher against a basket of major currencies.
It rose against the Japanese yen to 2.9270/9314 from Monday's 2.9344/2.9384 and strengthened versus the British pound to 5.7152/7233 from 5.7392/7466, but fell vis-à-vis the euro to 4.8354/8422 from 4.8316/8379 yesterday.
The local currency traded lower against its ASEAN peers.
It fell versus the Singapore dollar to 3.2932/2981 from 3.2908/2953 at Monday's close and declined against the Thai baht to 12.9712/9955 from 12.9414/9642.
The ringgit slid vis-à-vis the Philippine peso to 7.58/7.60 from 7.57/7.59 yesterday and eased against the Indonesian rupiah to 260.2/260.7 from 259.5/260.0 previously.
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