KUALA LUMPUR: The ringgit closed lower against US dollar today as investors remained on the sidelines as geopolitical concerns loomed in the United Kingdom (UK), China and United States (US).
At 6pm, the ringgit was quoted at 4.1120/1150 compared with 4.1090/1110 against the greenback yesterday.
A dealer said investors were wary of the impending effect of the Brexit, following Prime Minister Theresa May’s push for cross party consensus on the matter after surviving a no-confidence vote yesterday.
“Meanwhile, the trade war between US and China is expected to take another turn as China Vice-Premier Liu He will visit Washington, beginning Jan 30,“ he told Bernama.
During his two-day visit, Liu is expected to meet US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, with the hope of coming out with a trade deal.
“UK, US and China are the economic powerhouse and Malaysia is a trading partner with the three countries. Hence, any uncertainty in the region would affect the local currency,“ said the dealer.
Meanwhile, the ringgit traded mostly higher against other major currencies.
It rose against the Singapore dollar to 3.0318/0344 from 3.0322/0355 on Wednesday and increased versus the euro to 4.6844/6895 from 4.6880/6923 yesterday.
The local unit also appreciated vis-a-vis the Japanese yen to 3.7811/7850 from 3.7826/7848 previously but depreciated against the British pound to 5.2954/2009 from 5.2899/2941 on Wednesday. — Bernama
