FOREX: Ringgit Closes Weaker Against US Dollar
KUALA LUMPUR, May 3 (Bernama) -- The ringgit closed lower against the US dollar Monday due to risk aversion, dealers said.
At 5pm, the local currency was traded at 3.2085/2115 compared with 3.1820/1850 last Friday.
They said the market was concerned about Greece's ability to implement reforms to address its high debt burden.
Investors expect the credit woes to spread and drag Europe's economy but the fear lent support to the US dollar.
However, the ringgit is expected to continue to appreciate against the greenback as the market expects Bank Negara to raise the interest rate again this month, an analyst said.
The ringgit was largely lower against other major currencies.
It weakened against the Singapore dollar to 2.3352/3395 from 2.3306/3345 on Friday and depreciated against the Japanese yen to 3.4126/4169 from 3.3700/3750 last week.
The local currency also dwindled against the euro to 4.2455/2501 from 4.2362/2408 last week and closed slightly higher against the British pound to 4.8891/8946 from 4.8898/8960 on Friday.
KUALA LUMPUR, May 3 (Bernama) -- The ringgit closed lower against the US dollar Monday due to risk aversion, dealers said.
At 5pm, the local currency was traded at 3.2085/2115 compared with 3.1820/1850 last Friday.
They said the market was concerned about Greece's ability to implement reforms to address its high debt burden.
Investors expect the credit woes to spread and drag Europe's economy but the fear lent support to the US dollar.
However, the ringgit is expected to continue to appreciate against the greenback as the market expects Bank Negara to raise the interest rate again this month, an analyst said.
The ringgit was largely lower against other major currencies.
It weakened against the Singapore dollar to 2.3352/3395 from 2.3306/3345 on Friday and depreciated against the Japanese yen to 3.4126/4169 from 3.3700/3750 last week.
The local currency also dwindled against the euro to 4.2455/2501 from 4.2362/2408 last week and closed slightly higher against the British pound to 4.8891/8946 from 4.8898/8960 on Friday.