Ringgit Ends Marginally Lower Against US Dollar

KUALA LUMPUR, July 11 (Bernama) -- The ringgit retreated from earlier gains to close marginally lower against the US dollar Tuesday, amid concerns over the testimony by US Federal (Fed) Reserve Chair Janet Yellen on the possibility of tightening monetary policies, moving forward, dealers said. At 6 pm, the local note stood at 4.2960/2990 against the greenback compared with Monday's close of 4.2950/2980. A dealer said investors were awaiting for more clues when Yellen makes a semi-annual testimony before the US Congress on Wednesday and Thursday. The positive US job data, released last week, which surged more-than-expected in June, signalled a recovery in the labour market that could keep the Fed on course for a third interest rate increase this year, said another dealer. At close, the ringgit traded mostly lower against other major currencies. It depreciated against the Singapore dollar to 3.1057/1062 from 3.0982/1026 on Monday and slipped against the euro to 4.8944/8937 from 4.8899/8937 Monday. However, the ringgit appreciated against the yen to 3.7572/7612 from 3.7600/7629 and weakened versus the pound to 5.5423/5479 from 5.5247/5298 on Monday. -- BERNAMA