Forex: ringgit closes lower against uS dollar

The ringgit closed lower at 2.9865/9895 against the US dollar today from 2.9845/9875 yesterday as market players reduced their positions ahead of the weekend, dealers said. A dealer said the ringgit fell along with other Asian currencies due to the strong US dollar across-the-board and to investors further reducing their risky assets holdings. "Most investors preferred to keep safe assets like US dollar given that the global economic outlook has worsened lately," he said. Furthermore, he said, investors were awaiting news of whether the US Federal Reserve would introduce new measures to boost its economy. Most Asian currencies, including the ringgit, fell against the greenback after the markets downplayed talks of a third round of quantitative easing in the US. Against other major currencies, the ringgit was traded mostly mixed. It fell against the Singapore dollar to 2.4758/4797 from 2.4714/4745 on Thursday as well as against the yen to 3.8791/8855 from 3.8720/8763 previously. The ringgit, however, appreciated against the British pound to 4.8743/8798 from 4.8877/8935 yesterday and also gained against the euro to 4.3116/3162 from 4.3132/3184 on Thursday.