Malaysian Ringgit Lower Against US Dollar For Second Consecutive Day

KUALA LUMPUR, Aug 14 (Bernama) -- The Malaysian ringgit was lower for the second consecutive day on Tuesday against the US dollar as investors moved to a safer haven, amid geopolitical concerns over Turkey that saw its currency, the lira tumble. At 9 am, the local note was traded at 4.0930/0970 versus the greenback from yesterday’s close of 4.0900/0950. A dealer said the situation affects not only the ringgit, but globally, especially emerging markets. “The tension will be ongoing for quite some time. However, the ringgit will not be severely affected as most of the nation’s debt is in the local unit,” he said. The lira has lost more than 40 per cent of its value against the dollar since early this year and following a bitter dispute between Ankara and Washington. The dealer said an increase in oil prices would cushion any impact on the ringgit.The benchmark Brent crude increased to US$72.80 per barrel at 9 am today. The ringgit, however, traded mostly lower against a basket of major currencies. It declined against the Singapore dollar to 2.9743/9777 from 2.9696/9743 on Monday, but rose against the Japanese yen at 3.6940/6983 from 3.7054/7109. The local note contracted against the British pound to 5.2227/2286 from 5.2139/2219 and fell vis-a-vis the euro at 4.6668/6718 from 4.6544/6617. -- BERNAMA