Ringgit Ends Lower Against US Dollar

KUALA LUMPUR, Oct 31 (Bernama) -- The ringgit ended lower against the US dollar for the third consecutive day on lack of buying momentum and in line with the sentiment for other emerging currencies, dealer said. At 6 pm, the ringgit stood at 4.1830/1860 versus the greenback from Tuesday’s close of 4.1800/1840. An analyst said emerging market currencies were poised to remain an easy target for sellers as geopolitical situations soured investors' risk appetite. “The renewed and improved buying interest towards the US dollar is going to present challenges to a number of emerging markets. “The US dollar is very close to a new high for 2018, which is a primary factor behind the weakness seen in the ringgit on Wednesday,” he said. Another dealer said most market participants chose to stay on the sidelines ahead of 2019 Budget 2019 announcement on Friday. However, the local unit traded higher against other major currencies. The ringgit rose against the Singapore dollar to 3.0176/0209 from 3.0194/0236 on Tuesday, vis-a-vis the euro, it appreciated to 4.7414/7465 from 4.7497/7560 previously. It increased against the British pound to 5.3262/3317 from 5.3349/3417 on Tuesday and improved against the Japanese yen to 3.6969/6005 from 3.7050/7095 Tuesday. -- BERNAMA NR NR VMD