KUALA LUMPUR, Dec 7 — The ringgit ended its trading day for the week marginally lower against the US dollar as growing concerns among investors over global economic slowdown boosted demand for the greenback, dealers said.
At 6pm, the local note was traded at 4.1640/1680 against the US dollar from Thursday’s close of 4.1620/1670.
A dealer said with the positive effect of the Group of Twenty (G20) meeting fading very quickly, the near-term outlook had favoured the US dollar, as it was among the popular safe-haven assets.
“The ringgit was also pulled down by the declining oil prices,” the dealer told Bernama.
He said the news came after the 175th meeting of the Organisation of Petroleum Exporting Countries (Opec) ended on Thursday in Vienna without a resolution on oil production cut among member countries.
The ringgit traded mostly lower against other major currencies, except for the Japanese yen.
It weakened against the Singapore dollar to 3.0385/0434 from 3.0362/0409 on Thursday, slipped against the euro to 4.7320/7373 from 4.7197/7262 and edged down against the pound to 5.3116/3184 from 5.3016/3096.
However, vis-a-vis the yen, the ringgit climbed to 3.6899/6937 from 3.6953/6007. — Bernama
Source: The Malay Mail Online