KUALA LUMPUR, Aug 11 – The ringgit had closed on 0.7 percent lower against the US dollar (US) with hitting 3.96 per dollar today for the first time since 17 years ago during the Asian financial crisis. The local currency was quoted at 3.9600 / 9630 against the greenback from 3.9270 / 9300 yesterday.
“In addition to the pressure drop in the crude oil prices and expectations of interest rate which had hikes by the US Federal Reserve. Meanwhile, the ringgit also challenges the fall in prices of government bonds and currency devaluation China, yuan,” he said. The ringgit was traded lower against major currencies except the group against the Singapore dollar.
The local currency rose against the Singapore dollar to 2.8302 / 8333 from 2.8305 / 8349 on Monday. The ringgit eased against the yen to 3.1723 / 1752 from 3.1492 / 1523 yesterday. It was lower against the pound sterling to 6.1701 / 1759 from 6.0755 / 0809 yesterday and fell against the euro at 4.3651 / 3700 from 4.3056 / 3100 previously.
