Ringgit closes slightly lower against US dollar despite improving prospects for global economic growth

Ringgit closes slightly lower against US dollar despite improving prospects for global economic growth
Business & Markets 2013
Written by Bernama
Tuesday, 03 September 2013 17:50

KUALA LUMPUR (Sept 3): The ringgit closed slightly lower against the US dollar today despite improving prospects for global economic growth, dealers said.

The ringgit was quoted at 3.2850/2880 to a US dollar against yesterday's close at 3.2725/2755.

Dealers said the ringgit was under pressure amid rising expectations on the US Federal Reserve's plans to taper quantitative.

"Under the present circumstances, demand for higher yielding currencies such as rhe ringgit has turned soft," a dealer said.

Meanwhile, the ringgit was traded mostly lower against all other major currencies.

The local unit was lower against the Singapore dollar at 2.5720/5762 from 2.5689/5720 yesterday and was waeker against the Japanese yen at 3.3108/3155 against 3.2949/2983 Monday.

Against the British pound, the local currency weakened at 5.1154/1211 from 5.0972/0026 yesterday and was little changed against the euro to 4.3270/3313 from 4.3243/3292 Monday.