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Ringgit lower against US dollar early Thursday

Thursday, 21 July 2016

KUALA LUMPUR: The ringgit continued to trade lower against the US dollar for the fourth consecutive day despite a slight increase in global oil prices, as a response to the world growth forecast cut by the International Monetary Fund (IMF).

At 9am, the local unit was quoted at 4.0340/0400 from 4.0240/0300 versus the greenback at 6 pm on Wednesday. 

FXTM Research Analyst Lukman Otunuga said investors were forced to re-evaluate the state of the global economy post the IMF’s forecast.

The ringgit was mostly weaker against a basket of major currencies.

It fell against the Singapore dollar to 2.9688/9743 from 2.9656/9704  yesterday, but against the yen, rose to 3.7561/7627 from 3.7724/7794.

Against the British pound, the ringgit weakened to 5.3354/3449 from 5.3060/3152 and eased against the euro to 4.4406/4488 from 4.4288/4362. – Bernama

Source by: The Star Online

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