Ringgit ends lower as US dollar regains safe-haven appeal

KUALA LUMPUR, Aug 2 — The ringgit ended lower against the US dollar today as the greenback continued to appeal as a safe-haven currency amid the pick-up in risk aversion mood among market participants.

Independent economist Mohd Afzanizam Abdul Rashid said the ringgit remained in a tight range against the US dollar in the absence of catalysts to boost the local unit in the immediate term. Meanwhile, SPI Asset Management managing partner Stephen Innes said there was lingering panicky mode in Asian markets due to Pelosi’s visit to Taiwan, which raised angst in Asian currencies.

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