He said the US Dollar Index (DXY) has remained at an elevated level of 106 points, signalling high demand for the greenback as traders and investors sought protection against heightened uncertainties.
“It seems that the current juncture is favouring the US dollar given that the US Federal Reserve (Fed) may want to revisit its monetary easing stance as president-elect Donald Trump lines up his cabinet members for next year,” Afzanizam told Bernama.
At 6pm, the local currency depreciated to 4.4765/4.4820 versus the greenback from Friday’s close of 4.4715/4.4780.
The ringgit traded mostly lower against a basket of major currencies, except for the British pound, where it strengthened to 5.6525/5.6594 from Friday’s close of 5.6573/5.6656.
It weakened against the euro to 4.7294/4.7352 from 4.7224/4.7292 and depreciated against the Japanese yen to 2.8914/2.8953 from 2.8774/2.8818.
The local unit was also down against Asean currencies, except for the Singapore dollar, where it strengthened to 3.3307/3.3351 from 3.3330/3.3381 at last Friday’s closing.
It depreciated against the Philippine peso to 7.63/7.64 from 7.61/7.63, fell against the Indonesian rupiah to 282.2/282.7 from 281.6/282.2, and slipped against the Thai baht to 12.8591/12.8808 from 12.8307/12.8541. - FMT
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