KUALA LUMPUR: The ringgit continued to close lower against the US dollar as demand for the greenback rose amidst expectations that the Federal Reserve (Fed) would keep its interest rate at the current level, said an analyst.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said markets are also mulling on whether the Fed would change its stance in light of the lower core US consumer price index data.
“Sentiments may also be influenced by the Japanese yen, which continued to decline against the US dollar despite the hawkish statement by the Bank of Japan’s governor last weekend,” he told Bernama.
At 6pm, the local currency slid to 4.6825/4.6850 against the greenback from yesterday’s close of 4.6785/4.6835.
At the close, the ringgit was traded lower against a basket of major currencies.
It weakened against the Japanese yen to 3.1769/3.1789 from 3.1742/3.1778 at Wednesday’s close, fell versus the British pound to 5.8405/5.8436 from 5.8308/5.8370 yesterday and was lower against the euro at 5.0234/5.0261 from 5.0200/5.0254 previously.
The local currency also traded mostly lower against other Asian currencies.
It declined vis-à-vis the Singapore dollar to 3.4402/3.4423 from 3.4358/3.4400 at Wednesday’s close and edged down against the Indonesian rupiah to 304.9/305.2 from 304.3/304.8 previously.
The ringgit was almost flat against the Philippine peso at 8.25/8.26 versus 8.24/8.26 yesterday, but traded better against the Thai baht at 13.0792/13.0902 from 13.0809/13.1003 previously. - FMT
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