KUALA LUMPUR: The ringgit was lower against the US dollar in early session today on weaker demand for the local note following the country’s weaker trade performance for November 2019 and investors’ ”risk-off” mode due to ongoing geopolitical tension.
The ringgit was at 4.1070/1100 versus the US dollar from 4.1005/1035 recorded on Friday’s close.
A dealer said Malaysia’s trade performance for November 2019 fell short of expectations following an upside beat the month before, decreasing by 4.6% year-on-year to RM155.06 billion while exports declined 5.5% to RM80.8 billion and imports fell 3.6% to RM74.26 billion.
“Furthermore, a United States airstrike in Baghdad has killed the Iranian Quds commander, Qassem Soleimani, has also caused a big geopolitical uncertainty and shifted investors’ interest to safe-haven currencies like the US dollar,” he added.
Meanwhile, the ringgit traded lower against a basket of major currencies.
It fell against the Singapore dollar to 3.0427/0451 from 3.0363/0401 and slipped against the Japanese yen to 3.8014/8052 from 3.7936/7974.
The local note declined against the British pound to 5.3707/3751 from 5.3577/3637 and decreased against the euro to 4.5838/5888 from 4.5675/5717. - Bernama
source https://www.thesundaily.my/business/ringgit-lower-against-us-dollar-in-early-session-XJ1856176
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