Ringgit is close to 4.20 against the US dollar in the early store

KUALA LUMPUR: Ringgit has retreated from Monday's gains this morning against the US dollar as a stronger dollar has monetized the demand for a local unit.

At 9am, Circular Market remained at 4.1950 / 2000 versus US dollar from 4.1870 / 1920 recorded on Monday at 6pm.

The market was closed yesterday for the Maulidur Rasul National Day.

Oanda, Asia and Pacific Trading Manager Stephen Innes said as expected a local note looks soft and uncertain at a critical 4.20 level in early trading.

"The issue of the toxic combination of lower oil prices and the strong dollar and global aversion to risk, despite all but suggesting we will test the 4.20 key level sooner rather than later.

"The USD highlights security courage because it seems that the US-China trade war will continue to be frozen rather than thawing, given the negative impact of the Apec meeting last weekend," he told Bernam.

However, against other major currencies, ringgit traded mostly higher.

The local currency improved against the Singaporean dollar on Tuesday at 3,0491 / 0534 from 3,0509 / 0563, but fell to 3,7180 / 7234 from 3,7158 / 7213 against the Japanese yen.

Ringgit rose against the British pound to 5.3466 / 3714 from 5.3887 / 3959 and rose against the euro to 4.7680 / 7754 from 4.7845 / 7910.

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