KUALA LUMPUR: The ringgit ended its gaining streak after six consecutive days of trading to close lower against the US dollar today, as a positive news on the US-China trade deal shifted investors interest away from the emerging currencies, including ringgit, dealers said.
At 6 pm, the ringgit was quoted at 4.1350/1380 against the greenback from 4.1290/1320 on Tuesday.
A dealer said the greenback regained its momentum over renewed hope for the US-China trade deal, as well as bullish outlook for the US economy, prompting investors to return to the safe-haven currencies.
He said there were hopes that the US and China could work towards narrowing their differences enough to sign a “phase one” trade deal as early as this month, on news that the White House is currently considering to remove some tariffs it imposed on Chinese goods as a concession into securing phase one trade deal.
Meanwhile, the local note traded higher against other major currencies.
The ringgit strengthened against the Singapore dollar to 3.0434/0460 from 3.0443/0476 on Tuesday but weakened against the yen to 3.7946/7984 from 3.7929/7960.
It depreciated against the British pound to 5.3275/3331 from 5.3248/3290 but bested the euro at 4.5861/5899 from 4.5952/5989.