Malaysian Ringgit Loses Ground Against US Dollar

KUALA LUMPUR, March 28 (Bernama) -- The Malaysian ringgit gave up gains from Monday to close lower against the US dollar Tuesday as investors shifted interest back to the greenback. At 6 pm, the local unit stood at 4.4120/4150 against the greenback compared with Monday's 4.4090/4130. FXTM Vice-President of Corporate Development and Market Research Jameel Ahmad said the US dollar steadied after President Donald Trump promised further increases in interest rates this year. "There are still a lot of challenges to the global economy that is impacting sentiment on the local market, including a prolonged weakness in oil prices, higher interest rates in the US and ongoing concerns over emerging markets entering a period of weaker economic growth," he added. Another dealer said most regional currencies, including the ringgit fell, as the dollar gained when investors took profits. However, against other major currencies, the local note traded mostly higher. It rose against the Singapore dollar to 3.1632/1660 from 3.1667/1703 and increased versus the British pound to 5.5428/5474 from 5.5496/5555 on Monday. The ringgit rose against the euro to 4.7897/7947 from 4.7913/7960 and edged up against the yen to 3.9845/9886 from 3.9976/9016. -- BERNAMA