At 6pm, the local note dropped to 4.3080/3120 versus the greenback compared to Monday’s close of 4.2945/2995.
KUALA LUMPUR: The ringgit depreciated against the US dollar at the close yesterday amid a sharp fall in the price of oil and on continued expectations of a smaller cut in US interest rates going forward.
At 6pm, the local note dropped to 4.3080/3120 versus the greenback compared to Monday’s close of 4.2945/2995.
US Federal Reserve governor Christopher Waller has urged a more cautious approach to interest rate cuts, pointing to recent economic data that highlighted the strength of the US economy and labour market, according to the latest media reports.
SPI Asset Management managing director Stephen Innes said this has increased demand for the US dollar, putting downward pressure on the ringgit.
“Additionally, the weakening yuan is contributing to the ringgit’s decline. Disappointing fiscal policy updates from China over the weekend have left markets underwhelmed.” — Bernama
