Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the greenback remained at the forefront with uncertainties in the Japanese economy following the election during the weekend, which led to a weaker Japanese yen.
He added that the US Federal Reserve (Fed) might not seem in a hurry to cut rates aggressively while other developed countries would continue to cut rates.
“This would give an edge to the US dollar in the near-term.
“On that note, the ringgit could stay weak in the near-term while all eyes will be observing the US presidential election next week,” Afzanizam told Bernama.
At 6pm, the local currency was at 4.3605/4.3640 against the US dollar from Friday’s close of 4.3405/4.3450.
At the close, the ringgit was mostly lower against a basket of major currencies.
It edged up versus the Japanese yen to 2.8521/2.8545 versus 2.8554/2.8586 at Friday’s close, while it decreased vis-a-vis the British pound to 5.6564/5.6610 from 5.6348/5.6407 and slipped against the euro to 4.7159/4.7197 from 4.6977/4.7026 previously.
Meanwhile, the ringgit traded mostly lower versus Asean currencies.
It fell against the Philippine peso to 7.48/7.49 versus 7.44/7.45 at the close on Friday and depreciated vis-a-vis the Singapore dollar at 3.2979/3.3008 versus 3.2870/3.2907 previously.
The local currency was slightly higher against the Indonesian rupiah at 277.2/277.6 from 277.3/277.8 at the previous close and slid versus the Thai baht to 12.8780/12.8933 from 12.8425/12.8619. - FMT
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