Ringgit closes lower against dollar

KUALA LUMPUR: The ringgit closed lower against the US dollar yesterday as investors squared off their positions ahead of the year-end, dealers said.

At 5pm, the local unit was traded at 3.4300/4350 to the US dollar, down from 3.4280/4310 yesterday.

“The ringgit opened very wide yesterday. We saw some short-covering and the market was very thin,” said one of the dealers, who added that corporate demand was still centred on the greenback.

In yesterday’s trading session, the ringgit was mostly lower against the other major currencies.

It weakened against the Singapore dollar to 2.4409/4469 from 2.4366/ 4415 yesterday but strengthened against the Japanese yen to 3.7445/ 7520 from 3.7452/7493 previously.

The ringgit declined against the pound sterling to 5.5045/5142 from 5.4749/4807 yesterday and also against the euro to 4.9505/ 9584 from 4.9329/9379 previously. — Bernama

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