Ringgit eases against US dollar at the close


KUALA LUMPUR: The ringgit eased against the US dollar at the close today amid cautious sentiment ahead of the United States (US) presidential election next week, said an analyst.

At 6 pm, the local note was at 4.3605/3640 against the US dollar from Friday’s close of 4.3405/3450.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul 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 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,” Mohd Afzanizam told Bernama.

At the close, the ringgit was mostly lower against a basket of major currencies.

It edged up versus the Japanese yen to 2.8521/8545 versus 2.8554/8586 at Friday’s close, while it decreased vis-a-vis the British pound to 5.6564/6610 from 5.6348/6407 and slipped against the euro to 4.7159/7197 from 4.6977/7026 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 3.2979/3008 versus 3.2870/2907.

The local currency was slightly higher against the Indonesian rupiah to 277.2/277.6 from 277.3/277.8 at the previous close and slid versus the Thai baht to 12.8780/8933 from 12.8425/8619. - Bernama

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

   

Next In Business News

Nestcon secures two large-scale solar projects in Sabah
Batik Air expands with new Beijing and Changsha routes from March 2025
Rise in oil prices lifts ringgit higher at close
Pan Merchant Bhd eyes ACE Market listing
BHIC disposes of stake in CAD to German company for RM54mil
iCents Group seeks ACE Market listing
Starbucks strike to expand to over 300 US stores on Christmas Eve, union says
FBM KLCI climbs back above 1,600 points on Christmas boost
PNB remains optimistic about Malaysian economy, FBM KLCI next year
Oil prices rise in thin pre-Christmas trade

Others Also Read