MONEY MARKET

KUALA LUMPUR The ringgit closed lower against the US dollar as it continued to trade weaker in the late session due to risk aversion, dealers said.

At 5pm, the ringgit was quoted at 3.1975/1995 to the US dollar compared with 3.1920/1940 last Friday.

They said traders increased their long position for the greenback as concerns lingered over the US economic outlook, as the world’s biggest economy reported weaker-than-expected jobs data for May.

The weakening of the ringgit is also in line with the softer performance of other Asian currencies, as well as declining movement in cash markets regionally, they added.

The ringgit weakened against the Singapore dollar to 2.4795/4825 from 2.4712/4743 last Friday and eased against the yen to 4.0973/0014 from 4.0817/0866 previously.

The local currency depreciated against the British pound to 4.9114/9154 from 4.8792/8848 and fell against the euro to 3.9707/9738 from 3.9373/9423. – Bernama