Ringgit extends losses to close lower against US dollar

KUALA LUMPUR: The ringgit extended yesterday's losses to close lower against the US dollar today on subdued demand after its recent gains.
The ringgit touched an intra-day high of 4.0470 against the US dollar on Tuesday, a level last seen on Aug 29, 2016.
At 6pm, the local unit was quoted at 4.0860/0890 against the US dollar from 4.0730/0780 on Wednesday.
Oanda Corp Head of Trading for Asia Pacific Stephen Innes told Bernama that the greenback's rally followed optimism that the US Senate would pass the tax reform bill which led to the upheaval of regional currencies, including the ringgit.
"The fall in the overnight crude oil prices was also marginally weighing on the ringgit," he said.
Innes, however, said that the exchange rate between the two countries remained relatively stable despite market uncertainties.
Against a basket of major currencies, the ringgit was traded mostly lower, except against the Japanese yen.
It eased against the Singapore dollar to 3.0255/0298 from 3.0213/0261 on Wednesday, fell against the pound to 5.4667/4719 from 5.4513/4584 and weakened against the euro to 4.8170/8209 from 4.8155/8218.
The local note, however, was traded higher against the yen at 3.6265/6301 from 3.6311/6365 yesterday. — Bernama