PETALING JAYA: The ringgit ended lower against the US dollar as a risk-off mode emerged, with investors continuing to favour the safe-haven currency due to a cautious global growth outlook, according to an economist.
Bank Muamalat (M) Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the scenario could drive the US Federal Reserve to consider a cut of about 50 basis points next week.
At 6pm, the local note depreciated to 4.3700/3745 versus the greenback from last Friday’s close of 4.3275/3330.
He also attributed the weaker ringgit performance to the US Dollar Index’s rise to 101.482 points.
“Market sentiment appeared to be guarded after the release of the August US non-farm payrolls data last week which missed the consensus estimates of 165,000 (new jobs) as the number stood at 142,000,” he said. — Bernama.
