PETALING JAYA: The ringgit slid against the US dollar at the close yesterday on cautious sentiment ahead of the US presidential election next week, said economists.
At 6 pm, the local note was at 4.3605 against the US dollar from last Friday’s close of 4.3405
Bank Muamalat (M) Bhd chief economist Mohd Afzanizam Abdul Rashid told Bernama 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 United States presidential election next week,” said Mohd Afzanizam.
At the close, the ringgit was also mostly lower against most Asean currencies.
