RINGGIT ENDS LOWER AGAINST US DOLLAR AHEAD OF US-CHINA TRADE TALKS

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, May 9 (Bernama) -- The ringgit closed lower against the US dollar on Friday as news about a possible trade deal between the United States and China by the end of the week spurred interest in the greenback.

At 6 pm, the local note fell to 4.2970/3005 versus the greenback compared to Thursday’s close of 4.2780/2830.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that the US Dollar Index (DXY) had firmed in recent sessions and continued to linger around 100 points.

“China’s trade data during April showed that exports to the US declined 21 per cent, while China's export growth to ASEAN and the European Union accerelated by 22.5 per cent and 8.3 per cent, respectively. It seems that such a trend would continue if the tariff issues are not resolved,” he told Bernama. 

At the close, the ringgit traded lower against a basket of major currencies.

It edged down versus the Japanese yen to 2.9565/9591 from 2.9534/9571 at Thursday’s close, depreciated vis-a-vis the euro to 4.8320/8359 from 4.8264/8321 and fell against the British pound to 5.7004/7050 from 5.6769/6835 previously.

The local note also traded mostly lower against its ASEAN peers.

It weakened versus the Singapore dollar to 3.3095/3124 from 3.2984/3025 at Thursday's close, slid versus the Indonesian rupiah to 260.0/260.4 from 259.2/259.6, and edged lower against the Philippine peso to 7.74/7.76 from 7.69/7.70 previously.

However, the local note appreciated against the Thai baht to 13.0082/0267 from 13.0189/0404 previously.

-- BERNAMA