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KUALA LUMPUR, Aug. 22 – The ringgit closed lower against the US dollar today following the tide of the highly anticipated Jackson Hole symposium.
At 6pm, the ringgit finished at 4.1880 / 1910 against the greenback from 4.1750 / 1800 yesterday.
VM Markets Pte Ltd Managing Partner Stephen Innes said it was a very quiet day in the ringgit as the market sits tight awaiting the Federal Reserve's (Fed) annual Jackson Hole outcome on future US interest rate cuts and the US-China trade discussions will take.
Fed chairman Jerome Powell will deliver a speech at the annual central banking symposium in Jackson Hole, Wyoming, tomorrow.
"A dovish Fed at Jackson Hole should provide a boost to the ringgit from a carry trade and risk-on sentiment.
"But for the ringgit to make significant gains below 4.15, a discernible improvement on the front line is needed," he told Bernama.
The ringgit was traded over against other major currencies.
It was traded weaker against the Singapore dollar at 3.0197 / 0221 from 3.0186 / 0226 and fell against the yen at 3.9365 / 9404 from 3.9202 / 9264 yesterday.
The ringgit also dropped vis-à-vis the British pound to 5.0813 / 0854 from 5.0634 / 0703 and versus the euro at 4.6407 / 6449 from 4.6317 / 637 previously. – Bernama
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