Local currency ends lower against the greenback

KUALA LUMPUR: The ringgit retreated to close lower against the US dollar yesterday as investors turned cautious in a data-packed week that included US inflation numbers, an economist says.

At 6pm, the local note fell to 4.4090/4120 versus the greenback from last Friday’s close of 4.3800/3850.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that the greenback has seen high demand after Donald Trump’s US election victory.

“The US dollar is in high demand as (President-elect) Trump’s policies are seen to be inflationary and could deter the pace of monetary easing by the US Federal Reserve next year.

“Until such uncertainties are addressed, the US dollar will likely be on the (front foot),” he told Bernama.