Malaysian Ringgit Retreats to Trade Marginally Lower Against US Dollar

KUALA LUMPUR, Feb 26 (Bernama) -- The Malaysian ringgit retreated from Monday's gain to trade marginally lower against the US dollar in the early session Tuesday, due profit-taking activities in most of the emerging currencies, dealer said. At 9 am, the ringgit was quoted at 4.0700/0730 compared to 4.0650/0700 on Tuesday. A dealer said there was renewed concern among investors after the US President Donald Trump announced he would delay a planned hike in tariffs on Chinese imports, signalling significant progress in the trade negotiations between the two world’s largest economies. Meanwhile, the local unit was mostly lower against a basket of currencies except for the Japanese yen. The local unit depreciated against the British pound to 5.3419/3462 from 5.3170/3240 and was higher against the Japanese yen at 3.6650/6687 from 3.6721/6769 on Monday. It weakened against the Singapore dollar to 3.0157/0182 versus 3.0113/0155 and went down versus the euro to 4.6235/6273 from Monday’s close of 4.6130/6203. -- BERNAMA