Ringgit declines further against US dollar

Ringgit declines further against US dollar
Ringgit improves versus the yen to 3.8341/8372 from 3.8667/8717 and rises further against the euro to 5.0304/0352 from 5.0395/0459. - Filepic
KUALA LUMPUR: The ringgit dropped further against the US dollar for the second day today as the latter continued to firm on the back of the return of risk appetite which attracted investors to move out of safe-haven assets, a dealer said.

At 6 pm, the local unit was quoted at 4.2060/2090 against the greenback from Monday's close of 4.1950/1000.

A dealer said with the fear of rising geopolitical tensions easing and the impact of Hurricane Irma actually lesser that what had been predicted, lifted the investors' appetite.
"They moved from safe-haven assets to a riskier trading. However, they are still waiting for the US inflation rate data to be released in a couple of days," he said, adding that the market was still sensitive to risk-off news.

On domestic front, there are not many major events which could decide the direction for currency.

Among major currencies, the ringgit was traded mixed.

The ringgit fell against the Singapore dollar to 3.1244/1275 from 3.1234/1283 on Monday and vis-a-vis the pound, it declined to 5.5763/5820 from 5.5340/5423.

The local note improved versus the yen to 3.8341/8372 from 3.8667/8717 and rose further against the euro to 5.0304/0352 from 5.0395/0459.

-- BERNAMA