Ringgit closes weaker in line with regional currencies

 Publish date: Mon, 13 May 2019, 7:44 PM

KUALA LUMPUR: The ringgit closed lower against the US dollar today in line with the weaker regional emerging market currencies as sentiment was dampened by the stalemate in the US-China trade talks, dealers said.
At 6 pm, the ringgit was lower at 4.1620/1670 against the greenback compared with 4.1570/1600 at Friday’s close.
A dealer said trade talks between the world’s two top economies came to a deadlock after Washington demanded promises of concrete changes to Chinese law, while Beijing said it would not swallow any “bitter fruit” that harmed its interests.
He said this came after the US increased the tariff rate to 25 per cent from 10 per cent on US$200 billion worth of Chinese imports last week after US President Donald Trump said Beijing “broke the deal” by reneging from earlier comments.
“While optimism over the outlook of the Chinese economy had improved recently, uncertainties on the trade front could prompt policymakers to take further measures to shore up policy easing,” he said.
The ringgit was also traded mostly lower against other major currencies.
The local note traded firmer against the Singapore dollar at 3.0435/0483 from Friday’s 3.0503/0534 but depreciated against the Japanese yen to 3.7943/7996 from 3.7843/7880.
The local currency weakened vis-a-vis the British pound to 5.4189/4263 from 5.4091/4147 and decreased against the euro to 4.6768/6837 from 4.6683/6733 yesterday.
 - Bernama
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