Ringgit closes lower against US dollar on profit-taking by investors

Business & Markets 2013
Written by Bernama
Thursday, 31 October 2013 18:06
A + A - Reset
KUALA LUMPUR (Oct 31): The ringgit closed lower against the US dollar for
the fourth consecutive day following profit-taking by investors, a dealer said.
At close, the local note fell against the greenback to 3.1541/1570 from
3.1461/1490 on Wednesday.
"Most of the emerging Asian currencies including the ringgit fell at closing
today, as there were investors who took profits from their monthly gains after
the US Federal Reserve's steady stance disappointed expectations of more
dovish comments," he said.
The dealer also said the local currency slipped due to investors cutting their
bullish bets on the best performing emerging Asian currency in October.
As against other major currencies, the ringgit was also lower.
The local note fell aagainst the Singapore dollar to 2.5467/5499 from
2.5398/5430 yesterday and weakened to 3.2093/2126 against the yen from
3.2031/2070 at yesterday's close.
The ringgit was also traded lower against the British pound to 5.0579/0638
from 5.0504/0563 but was higher versus the euro to 4.3249/3292 from
4.3306/3352 yesterday.