KUALA LUMPUR, March 5 (Bernama) -- The ringgit closed lower against the US dollar Thursday as concerns mounted on the worsening global financial situation, dealers said.
This is despite the rise by other Asian currencies buoyed by China's announcement that it was on track to achieve an eight percent growth this year.
The ringgit fell against the US dollar to 3.7250/7300 from 3.7110/7160 on Wednesday.
However, dealers expect the ringgit to bounce back in the near-term as profit taking is expected for the greenback after its recent rise.
The dollar rose against other major currencies as it approached a four-month high against the yen after a new plan was laid out to help the troubled US housing sector.
Meanwhile, the local currency eased against the Singapore dollar to 2.3995/4051 from 2.3882/3937 yesterday and it dropped against the yen to 3.7441/7506 from 3.7390/7448 previously.
Against the euro, the ringgit was lower at 4.6879/6950 from 4.6480/6550 yesterday and it declined against the British pound to 5.2884/2966 from 5.2203/2288 previously.
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