Ringgit ends lower against greenback as sentiment remains weak

KUALA LUMPUR: The ringgit retreated from yesterday’s gains to close lower with market sentiment remaining weak on lingering concerns over the US Federal Reserve’s (Fed) decision on interest rates, analysts said.

At 6pm, the local currency fell to 4.4310/4.4345 versus the greenback from Monday’s close of 4.4280/4.4325.

SPI Asset Management managing director Stephen Innes said local traders have taken to the sidelines to await more details on the Fed’s reaction to a series of stronger-than-expected US economic data.

“At the same time, the people’s attention is on the re-tabling of Budget 2023 this Friday,” he added.

Meanwhile, the ringgit closed higher against a basket of major currencies.

The local currency edged higher against the yen to 3.2910/3.2938 from 3.2998/3.3036 yesterday, rose against the Singapore dollar to 3.3117/3.3148 from 3.3136/3.3172, and strengthened against the euro to 4.7230/4.7267 from 4.7291/4.7339 previously.

However, it weakened against the British pound to 5.3531/5.3573 from 5.3233/5.3288 on Monday. - FMT