Ringgit Closes Lower Against US Dollar

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KUALA LUMPUR, Nov 25 – The ringgit erased its gains to close lower today against the US dollar on lack of buying support for the local unit, dealers said. At 5pm today, the ringgit was quoted at 3.3515/3545 against 3.3505/3535 on Monday. He said most emerging Asian currencies rose today, bolstered by the yen’s strength and a rebound in the Chinese yuan.

However, the ringgit was traded mostly lower against other major currencies. The ringgit was slightly lower against the Singapore dollar at 2.5712/5752 from 2.5708/5749 on Monday and fell against the yen to 2.8391/8428 from 2.8336/8364 yesterday. The local unit weakened against the British pound to 5.2575/2635 from 5.2398/2462 on Monday and depreciated against the euro to 4.1679/1720 from 4.1483/1526.

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