Malaysian Ringgit Ends Lower Against US Dollar

KUALA LUMPUR, Aug 11 (Bernama) -- The Malaysian ringgit closed lower against the US dollar on Thursday on profit-taking and the fall in the world crude oil prices. At 6 pm, the local unit was quoted at 4.0020/0070 against the US dollar from 3.9880/9940 on Wednesday. A dealer said investors took profits after the ringgit hit a three-week high on Tuesday, prompted by the slide in the world crude oil prices. Oil supply glut remained a market concern following the rise in the US crude stock inventories coupled with a record production by Saudi Arabia, he said. "However, the sentiment for the ringgit is still positive as it pared earlier losses at close. "Buying interests from foreign funds on Bursa Malaysia (Malaysia's Stock Exchange) and government bonds supported the local note and it is likely to further strengthen given the easier global monetary policies," he said. The local currency was also traded lower against a basket of major currencies except for the British pound. It fell against the Singapore dollar to 2.9781/9836 from 2.9741/9808 on Wednesday, eased against the yen to 3.9464/9528 from 3.9349/9424 on Wednesday and was lower against the euro to 4.4598/4670 from 4.4546/4629 on Wednesday. The ringgit rose against the British pound to 5.1894/1983 from 5.2051/2154 on Thursday. --BERNAMA