Ringgit flat against the greenback
KUALA LUMPUR: The ringgit traded in a narrow range against the US dollar yesterday amid cautious sentiment in the currency market ahead of the US-China trade talks, says an analyst.
At 6pm, the local note made a small retreat to 4.2290/2345 against the greenback compared to last Friday's close of 4.2270/2360.
Market participants were awaiting the outcome of the trade negotiation between the two economic superpowers, said the analyst.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid noted that China's exports fell to 4.8% in May from 8.1% in the previous month, with exports to the United States contracting 34.5% in May from a contraction of 21%.
'This suggests that the tariff shocks have taken a toll on bilateral trade between the United States and China,' he told Bernama.
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