Ringgit retreats against US dollar
Published on: Friday, June 26, 2020
By: Bernama
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Kuala Lumpur: The ringgit retreated from its recent gains to close lower against the US dollar, as the greenback strengthened on trade war fears between the European Union (EU) and the United States.

At 6pm, the ringgit finished lower at 4.2750/2810 compared with 4.2700/2750 at Wednesday’s close.

A dealer said Washington is weighing tariffs on around US$3.1 billion of goods imported from the United Kingdom, Germany, Spain and France such as olives, beer, gin, and planes.

“With the impending US-China trade deal, this new threat created cautious sentiment in the market that  pulled investors to opt for the greenback as a safe-haven currency,” he told Bernama.

Meanwhile, the ringgit was traded higher against a basket of major currencies.

It rose against the Singapore dollar to 3.0716/0763 from 3.0744/0791 at Wednesday’s close and appreciated versus the Japanese yen to 3.9875/9942 from 4.0083/0141 yesterday.

The local currency firmed vis-a-vis the British pound to 5.3177/3268 from 5.3413/3493 and increased against the euro to 4.7991/8067 from 4.8255/8329 previously.


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