KUALA LUMPUR, March 11 — The ringgit continued to trade lower against the US dollar today, finishing the week in weak demand as inflation fears manifested in higher US rates and weighed on Asia’s foreign exchange market.
At 6pm, the local currency declined further to 4.1940/1975 versus the greenback from 4.1860/1895 at Thursday’s close.
SPI Asset Management managing partner Stephen Innes said traders were reducing risk, which weighed on equity sentiment, and limiting inflows. As a result, demand for the local currency remained subdued into Friday.
The ringgit strengthened against a basket of major currencies except for the Singapore dollar.
It appreciated to 3.5858/5891 versus the Japanese yen from 3.6102/6135 yesterday, improved against the British pound to 5.4828/4874 from 5.5134/5180 and rose to 4.5991/6030 vis-a-vis the euro from 4.6230/6269.
However, the Malaysian currency fell against the Singapore dollar to 3.0802/0832 from 3.0800/0830 on Thursday. — Bernama
