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KUALA LUMPUR: The ringgit continued to strengthen against the US dollar today, buoyed by a softer US Dollar Index , which declined by 0.25% to 98.386 points.Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the drop followed news that US president Donald Trump’s administration plans to issue letters regarding its tariff decisions within the next two weeks.He said the announcement has fuelled further uncertainty over the outcome of the ongoing trade negotiations.
“Next week’s Federal Open Market Committee meeting on June 17-18 will be closely monitored by the market participants,” he said.At 6pm, the local unit advanced to 4.2155/4.2245 against the greenback, from yesterday’s close of 4.2345/4.2370.At the close, the ringgit traded lower against a basket of major currencies.It fell against the Japanese yen to 2.9329/2.9394 from 2.9187/2.9207, weakened versus the British pound to 5.7213/5.7335 from 5.7166/5.7200 and fell vis-à-vis the euro to 4.
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