Ringgit closes lower against US dollar

KUALA LUMPUR: The ringgit closed lower against the US dollar today weighed down by the market's interpretation of China's first-quarter (Q1) gross domestic product (GDP) growth and political risk, said a dealer.
At 6pm, the ringgit was quoted at 3.8885/8925 compared with Monday's close of 3.8865/8905.
OANDA Head of Trading in Asia-Pacific, Stephen Innes, said China's GDP came out in line with expectations, but with China in the midst of deleveraging mode, its GDP growth was expected to fall in Q2.
"This is weighing on regional sentiment, more so with the ringgit, given the strong trading ties with mainland China," he told Bernama.
China's economy grew 6.8% in Q1 2018, the country's statistics bureau reported on Tuesday.
Innes also said that the ringgit would likely continue to trade quietly with a defensive posture ahead of the 14th General Election.
The ringgit was traded lower against a basket of major currencies.
It eased against the Singapore dollar to 2.9690/9725 from 2.9634/9669 on Monday and depreciated against the yen to 3.6317/6365 from 3.6251/6292 yesterday.
The local unit declined against the euro to 4.8101/8166 from 4.8049/8110 last week and versus the British pound, it fell to 5.5676/5752 from 5.5585/5646 previously. — Bernama